Pretty intense videos here. Athens, Greece looks like a warzone.
Understand that what is happening in Greece matters to you. The
Greek pro-austerity government won narrowly in recent elections and now
they’re trying to enact a budget of huge cuts to government spending on
pensions, education, social safety net etc.
The Greek government is
being pressured by the IMF, EU and other banking institutions to make
these cuts or they won’t receive future credit lines and then the
European Union will kick them out which is complicated because Greece
would default on its debts with the Euro.
If Greece controlled its own currency – it could allow it to inflate
thus making the debts of its government and its people less burdensome
in real terms i.e. inflation; this inflation would also give them an
advantage to produce goods at cheaper costs and thusly their economy
would start to improve.
They do not however control their currency and
because of that – they’re held to the whims of the European Union.
What
Greece does is significant for economic reasons both in Europe but also
America (Europe is 1/3 of the world’s GDP) but also for geopolitical
reasons (The U.S./Euro coalition will prevent Baltic states like
Estonia, Lithuania and Latvia from gravitating back towards Russia but
that’s an entirely different discussion).
Just understand that it
affects Americans.
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