Failing State

A big deal is being made of the fact that the financial crisis in Greece is being managed by an 'unelected' coalition government - that democracy has been suborned and   decisions are being imposed without the consent of the Greek people.

Well that's true - up to a point I suppose.

But the fact is that a majority of MPs within the Greek parliament have voted to support the enormous financial bail out from the European Union (EU) - worth 130 billion Euros anmd a substantial write-off of Greek debt. 

Because without the EU riding to its rescue - the reality is that the lights in Greece will start to go out.

The simple truth is that Greece cannot afford to pay its own bills - which everyone knows - but no one wants to accept responsibility for creating the mess of putting Humpty Dumpty back together again.

The underlying problem is that the Greek economy fails to generate enough taxes to meet the costs of its own public borrowing requirements - which have been allowed to spiral out of control for the past 10 years and more.

And what brought the country to its knees was a series of democratically elected governments - which continued to live way beyond their means until the bubble finally burst.

Now the present emergency, coalition and non-elected government is getting all the blame - but who said life in politics was fair?

Seems to me the Greek people have little option but to just get on with it - unless they care to put forward a more positive option than rioting in the streets.

If leaving the Euro is considered a better option - or if there is a genuine Plan B or C - then let somone spell out how that will be achieved. 

The bottom lineis who else should pay the price for putting the Greek economy back on track - by 2020.

The country has little choice other than to take a step or two back before it can go forwards again - which might be a real pain in the ass, but it's not the end of the world.