Not A Greek Tragedy. Just Greek Stupidity!

There's been a lot of press lately about the debt problems facing Greece.  Many  writers have used a now well-worn play on words, "Greek Tragedy", to describe the debt crisis in that country. In reality, the situation is a tragedy of their own making; and, to put it bluntly, due to pure stupidity.

For years, the Greeks have dug themselves into an economic hole by supporting a larger and ever growing expanse of government control of their daily lives.  Along with that, common sense and good economics were literally thrown out the window when the decisions of "socialist" politicians gave away the house by instituting increasingly liberal work rules, retirement ages, and pensions.  Now, as a consequence, the entire country is so plagued by its own internal debt that a complete economic collapse is sitting on a hair-trigger.

In order to save the country and the Eurozone in the process, the European Union, the European Central Bank, and the International Monetary Fund have promised a cash infusion.  In return, a previous Greek government had agreed to austerity.   But, the Greeks, in a none-for-all-move, have continued their short-sightedness by rejecting the previously agreed upon austerity.  They've done this by voting in a bunch of hard left politicians that completely reject it and, actually, support exiting the European Union and reinstating the drachma as their currency.

But, this go-it-alone attitude is, in itself, even more ignorant and, quite frankly, a juvenile response.  The only reason that the Greek economy hasn't collapsed by now is because its inclusion in the European Union has kept it alive. The real Greek Tragedy will occur when they pull out of the Union and start reprinting their former currency.  The drachma, unsupported by fiscal health, will drop like a rock against other world currencies.  The result will be hyperinflation and high unemployment; and, they will be thrown into a deep depression. For years, the Greek word for happiness and rejoicing, "Oopa",  will just be missing from the vocabulary; replaced by the word "I̱lithióti̱ta" (meaning stupidity).