Greece, as we know, is on the brink of bankruptcy. To prevent that, it’s initially getting a $140-billion package of rescue loans from the International Monetary Fund and the European Union.
The trade-off : harsh austerity measures. The knee-jerk response: massive street demonstrations and riots that have already left three dead. The reality: Greeks have long been living beyond their means. It’s as much a part of their culture as tragedy and comedy. They resent losing the right to retire at 55 with 100 per cent of pay and to cheat on their taxes with impunity. They’re also miffed big time that they will have to pay a lot more for cigarettes and alcohol. Tough.
It all came due in a global economy that impacts all of us.