Greek Economic Crisis A Crisis Of GOVERNMENT Debt

Here’s the thing about the situation in Greece: Among those who’ve had their assets frozen, and are prohibited from accessing their bank deposits, are solvent people like you and me. So you know: Once the US gets to Greece’s situation—you and I will have a hard time accessing our own property.

The Greek economic crisis is a crisis of government-debt, euphemized as a “sovereign debt crisis. During the rule of the “right-wing military junta,” Greece was in the black; it ran surpluses. When successive, socialist Greek governments came to power, in 1974, they strove mightily “to bring disenfranchised left-leaning portions of the population into the economic mainstream and so ran large deficits to finance enormous military expenditure, public sector jobs, pensions and other social benefits.”

Give us your votes, and we’ll give you the keys to the treasury. This ought to sound familiar to Americans.

The latest via Investor’s Business Daily:

Eurozone leaders struck a conditional deal with Greece early Monday that would keep the country in the currency union, but at a steep price for a government that just days ago won a mandate from Greek citizens to stand firm.

Greece’s third bailout, worth 86 billion euros ($95 billion), will require that it enact tough measures, including reforms of the pension and tax systems, budget cuts, and privatization of many of its assets. It must also be approved by the Greek parliament and some of its measures written into law by Wednesday. …