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From the Editor's Desk
Stop blaming Greece!
In the past year or so we have witnessed an unethical campaign through the world media which aims to put all the blame for the world's debt crisis on Greece and its people. We think this is wrong, unfair and misleading.
The Greek debt, stands at 340 billion euro. This amount is owed mainly by the banks.
The European Union has decided the "clipping" of the Greek debt by 50%. That means there will be a controlled bankruptcy of Greece, that will reduce Greek debt by 170 billion euro.
As a result of this action, the banks within and outside the Greek borders and the superannuation funds will suffer damages equal to 50% of the value of held bonds.
These losses, will be passed on to the working people of Greece through wage and pension cuts and new taxes. The price the citizens of Greece will pay is a 50% devaluation of their living standards.
When somebody cannot meet payments on their home loan, the bank - any bank - usually sells the house and gets their money. Why then, should the losses incurred by the banks and other private institutions be passed on to the people?
German Chancellor Angela Merkel and French President Nicolas Sarkozy seem to be critical and very demanding of Greece in the current circumstances. Let's then see how well they managed their own economies:
Austria, with a smaller population than Greece, owes a total of $753bn, England owes $12.7tr or 375% of its annual GDP, Belgium with the same number of residents as Greece owes a total of $1.3tr or 348.74% of their GDP. France's debt stands at 5 trillion euro or 212% of their GDP and Germany also owes 5 trillion!
Many ask: Is there a solution to all this? Our answer is, yes there is! The international financial institutions should write off all the debts and start fresh!
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