Friday, February 12, 2010

Two More Tidbits on Greece

The civil service unions are not cooperating. They'd be just fine with a total economic collapse, I guess. Or maybe they just expect the Germans to write a bucket of blank checks.
A strike by civil servants shut down schools and hospitals and grounded flights across Greece on Wednesday, as unions challenged cutbacks aimed at ending a government debt crisis that has shaken the European Union.
Over at the Huffington Post, there's a knee-jerk reaction to blame capitalist pig-dogs.
Goldman Sachs helped the Greek government to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht deficit rules. At some point the so-called cross currency swaps will mature, and swell the country's already bloated deficit.
Evfen if we assume that Goldman Sachs was at the heart of some kind of skullduggery to conceal the problems in Greece, so what? If they hadn't been there, the same problems would have arisen. The Greeks handed out more goodies than they could afford. It's a classic case of progressive ideals taking a nation over a cliff. Earning was separated from having and off they went into the abyss. Dragging Goldman Sachs into this is a pathetic attempt to mask the fact that socialism failed.


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