12-12-2012, 08:42 AM
Austerity needs not be returning to balancing the budget within a year or two. It is about lowering their cost structure no matter how long it takes. Encouraging growth now will only prolong the lifestyle they can't afford due to their high cost level and being part of Euro.
The people needs to be pushed back to the right level of lifestyle else even with loans forgiven, it's a matter of time they will ask for help again. People who buy Greece bond again after they can return to the bond market, chances are it will be another write down down the road. Is a matter of time.
The people needs to be pushed back to the right level of lifestyle else even with loans forgiven, it's a matter of time they will ask for help again. People who buy Greece bond again after they can return to the bond market, chances are it will be another write down down the road. Is a matter of time.