The Greek problem

What is the Greek problem?  The Greek government are freeloaders, trying to pay government employees more than the private market is willing to pay the government in taxes.  The government supports its freeloaders by deficit spending. 

Usually a nation of freeloaders can only hurt themselves, such as the Argentinians do regularly where freeloaders find that the value of their currency, Argentinian Peso, steadily declines in value and they can't readily  buy products from other countries .

But Greece uses the Euro, so the Greeks can't be punished by a decline in their currency.  All of Europe gets punished as the Euro falls from $1.48 last month to $1.36 this month.  The Europeans have to decide what to do.  Nobody is in a good position to lecture the Greeks.  The Germans were the first to break the rules on deficit spending eight years ago.

Will this effect you or me?  No way.  Financial problems can be solved 1) if they move slowly and 2) are understood. Both apply in the Greek case.  And the Spanish, Italian and English cases.

This is unlike the summer 2008 financial crash in the U.S. which happened rapidly and no one understood what was happening.

Old Europe doesn't have much future in the first place. The handling of the Greek Crisis will determine if Old Europe has no future.