18 Jun '11, 11pm

Lessons from The Greek Tragedy: I've been catching up on my reading these few days. There is a backlog of books

Lessons from The Greek Tragedy: I've been catching up on my reading these few days. There is a backlog of books

I've been catching up on my reading these few days. There is a backlog of books I wanted to read but haven't found the time until last week. I'm also watching what is happening in Greece very closely - there are many lessons here to be learned. Greece's problem is not difficult to understand. Greece has a population of 11 million, a GDP of US$329B and owes US$500B. Greece owes too much money and does not have the means to pay back. To put things into perspective - Thailand with a population 67M and GDP of $180B collapsed during the Asian crisis under a debt of US$100B. Thailand took 3 years to come back. For Greece we are looking at something like a decade or even longer. How Greece got here is not difficult to understand: "Initially currency devaluation helped finance the borrowing. After the introduction of the euro in Jan 2001, Greece was initially able to borrow due to...

Full article: http://singaporemind.blogspot.com/2011/06/lessons-from-gr...

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