Source: The Wall Street Journal
A warning for Europe, Albany and Washington
The Greeks are giving the world a good taste of their modern politics. Periclean democracy, meet Athenian mob rule: Tens of thousands are rampaging through the capital and other large cities this week in protest against €30 billion in austerity measures needed to secure the €110 billion bailout for the bankrupt country.
The nationwide strike—led by government-employee unions, which threaten further disruptions after parliament yesterday approved the rescue package—was a timely show for Greece’s prospective rescuers in Germany and at the International Monetary Fund. The medicine for Greece’s deficit and debt woes (at 13% and 124.9% of GDP, respectively, and rising) won’t go down easily in Athens. We continue to think the country needs to restructure its debts and adopt wholesale economic reforms. Den Rest des Beitrags lesen »