This morning my brother asked me to tell him what I thought about the news reporting of the Greek issue, he asked about what are the alternatives. The only alternative I see is default, but I wanted to share some background and my views. Currently the Greeks have a massive public debt because of massive public spending beyond any reasonable amount. Over 60% of the Greek workers are employed by the state, so less than 40% of the population pays for over 60% plus those on state support (pensions etc). Greece imports the majority of its fuel and manufactures very little beyond food. Tourism accounts for a significant portion of income but not so much to balance the entire economy and it has some ups and downs which would add risk.
Review of the Greek Issues
Review of the Greek Issues
Review of the Greek Issues
This morning my brother asked me to tell him what I thought about the news reporting of the Greek issue, he asked about what are the alternatives. The only alternative I see is default, but I wanted to share some background and my views. Currently the Greeks have a massive public debt because of massive public spending beyond any reasonable amount. Over 60% of the Greek workers are employed by the state, so less than 40% of the population pays for over 60% plus those on state support (pensions etc). Greece imports the majority of its fuel and manufactures very little beyond food. Tourism accounts for a significant portion of income but not so much to balance the entire economy and it has some ups and downs which would add risk.