Greeks Deal For More Credit

Greeks Deal For More Credit.

Yet another crunch day approaches for Greece on 3rd November with regard to its next round of debt payments and new bailout funds.  Greece has agreed new austerity measures with its creditors to enable the release of new funds.

Our view
This must stop.  We are all taught that you cannot keep on borrowing money to pay debt.  The credit spiral is a dangerous one and we can see no end to this.  Why politicians keep fighting to keep Greece in the Euro when the country cannot afford to pay its workers or feed themselves beggars belief.

Greece needs to exit the Euro so that it can pay its own workers in local
currency and get back to basics of producing enough food locally to at least support itself.  In addition, it needs to stamp out tax evasion and start collecting local taxes properly rather than the huge cash black market that exists today.  International debt can then be tackled as a separate issue in a structured way without the debt continually increasing.