Several years of disastrous economic policies imposed by the IMF and the European Union and its bureaucrats have brought Greece to its knees.
Now that Greece is in a deep recession, with low income and terrible high unemployment, the same European bureaucrats are set to impose deeper tightening economic policies on Greece. What can result from deeper tightening in an economy that is in deep recession with little to export? Why, the next step is logically a depression.
What seems to matter most to European bureaucrats is that European governments and banks do not reduce Greek debt. Unlike decades ago in the 1950s when the United States and others canceled about 50% for German foreign debt and extended reduced payments over several decades. But that was when the West was facing the Soviet challenge and needed to showcase the Western part of Germany. There is no Communist challenge, so the West can afford to tighten the screws on Greece, so the Greek people will suffer for many decades, years after they leave Europe. Unless the Europeans come to their senses.
Cheers
Mohammed Haider Ghuloum                          
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