Economy of Greece in 2015 and post referendum problems

Greece wants to build its economy on its own!

Greek Referandum 2015

Greece wants to be on its own, fine. But what is the problem of Greece? Greece borrowed money for toxic ventures. Money is invested in ventures which did not generate wealth or job opportunity. It has no money to pay to Banks. In past five years, Greece on the advice of IMF and Euro Union etc imposed major changes by cutting salaries, pension, welfare programs etc. collectively called austerity measures. The result is 50% unemployment and about 10,000 suicide. The bailout package which it received every year went into repayment of debt or interest. No job or wealth creation was made. Greece is demanding a few years moratorium which Bankers are not willing to give. Now whole nation has made a resounding message of ‘NO’ to terms imposed by banks and accepted bankruptcy. Now what?

I received an interesting forwarded message explaining Greek problem. Here is the extract:

Greek economic crisis in a nut shell for the laymen:

“The endeavour is to explain a very complicated circular trading (round tripping algorithm) nonsense that became a crisis, in a simple way.

MARY is the proprietor of a bar in Athens. She realises that virtually all her customers are unemployed alcoholics and, as such, can no longer afford to patronise her bar – she will go broke. To solve this problem, she comes up with a new marketing plan that allows her customers to drink now and pay later.She keeps track of the drinks consumed on a ledger (thereby granting the customers loans).  Continue reading