Thursday, June 30, 2011

World Economics - The Greece Situation

So, I'm sure most people with access to the internet are aware - There's a lot of drama happening in Greece.

Now I am no expert on economics, I don't live in Europe and I haven't really followed the recent news besides watching riots.

The things I find amazing though is learning that Greece has about half the population of my Country, Australia. This, and remembering that just 7 years ago, the world's attention was placed on their Capital and Largest city, Athens when they hosted the Summer Olympic Games.

My older brother is more 'econimically' geared, in that...he actually gives a crap about the nonsense, whilst I'm a technologically minded environmentalist, that understands how to exploit financial systems.

What I don't get is...well, how this came to happen. Another thing about Greece is that their currency is the, fairly recently introduced, Euro. Considering the dynamic changes to Greece (major event, change of currency) wouldn't you have thought SOMEONE would have noticed the cracks and reacted accordingly?

So what's the deal? Is it impossible for a smaller nation such as Greece to compete in the modern global marketplace? I mean how many times over could, say, CHINA produce whatever it is Greece exports?

I'm certain this is the sign of the times. In a resource based economy, and in these times of major change I envision more of the same happening.

One stupid thing about the riots is the damage bill they are generating, during times of financial hardship it really is highly idiotic to be so destructive.


  1. My understanding is that basically everyone was cheating on their taxes and they didn't care. Due to that, their country was just draining money without getting any back.

    People hate taxes, but they don't realize what runs your country. Taxes do everything you want, but people just want everything for free.


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