Even if the Europeans get it together to push Greece (and Ireland, and Portugal, and Spain, etc.) through the short term, it’s unclear that the political will exists to fix the problem instead of just patching it. That will weigh on the global economy in the medium term, as will the threat that some unforeseen circumstance will plunge the world back into financial crisis.

And at the root of all this mess?
Unfunded commie/liberal/socialist policies.
Time to pay the piper.
#1 Posted by padikiller, CJR on Mon 20 Jun 2011 at 10:28 AM
How dare they mess with our sacred free markets. Off with their social programs. Austerity for all. We're doing it for their own good. And also for ours, of course.
#2 Posted by dpjbro, CJR on Mon 20 Jun 2011 at 04:26 PM
In essence we are no different from Greece. We earn $1.00 and spend $1.25. Eventually the grind of negative compounding will force us to cut and cut and cut and tax and tax and tax. Hard times are coming.
#3 Posted by Mike Robbins, CJR on Mon 20 Jun 2011 at 04:38 PM
Social programs are great!
Until you run out of other people's money, that is..
Which is where Greece is today and where we will be soon.
Austerity isn't desirable, but it isn't optional, either.
#4 Posted by padikiller, CJR on Mon 20 Jun 2011 at 04:39 PM
Intelligent people learn from the mistakes of others. Moderately intelligent learn from their own even after warnings. Fools never learn and repeat the same mistakes. The Greeks belong to the foolish category who could not see where the world was headed post 2008. Why should they be allowed to take the world with them? Incarcerate them and choke them where they are so that others do not have to suffer for their excesses...
#5 Posted by Manish, CJR on Wed 22 Jun 2011 at 02:26 AM