Poor Greece. Everyone is sees it as that irresponsible, bratty kid who borrowed money from the big boys, then stuck his middle finger at them and told them to go shove it.
This week, I read this Quora answer on explaining the Greek crisis in layman terms. Check it out – It’s way better than watching a Channel 8 drama.
The story talks about how Greece took on some “credit card debt” [National Debt] to help out his family members who were too old to work. [Pensions]. Then Greece lost his job [Economic Downturn], took on more “credit cards” to pay off his debt [Issuing Debt to Make Debt Payments], is now faced with high interest rates, and has a pretty dismal chance of paying them off.
And it all started because of debt.
Debt is a funny thing, isn’t it? It could make you richer beyond your wildest dreams, or ......