What exactly is happening in Greece, anyway?
I have seen the troubles in Greece on the news, and in the papers, and on my News application for my smartphone over the past few weeks, but I didn’t know what exactly was happening over there. Oh, I knew that people were rioting in the streets, and that the country was bankrupt. I also knew that the pundits were drawing conclusions for the US based on what is happening in Greece. But how did they arrive in this situation, and what exactly are the common aspects between our problems and theirs? These are the questions that I sought to answer for myself today, and I’ll share what I’ve found. I found a BBC article explaining something of Greece’s economic history over the past decade. In it, the author explains that the country went on something of a public sector spending spree over the years, borrowing money and using it to upgrade public benefits, almost doubling public sector wages during that time. At the same time, revenue generated by the public itself was dropping due to widespre
