GREEK MYTHOLOGY

Here is a new twist on Greek Mythology.  It takes place today.  If you ask me, Greece doesn't have a chance to pull out of its economic woes.  They have committed too much money to too many people for their economy to handle.  Their population will fight to maintain what they have even though they cannot pay their bills.  Something's got to give.

To keep Greece from going bankrupt, the rest of the Euro-nations have pledged them money based upon austerity programs being enacted.  This means they will have to reduce what they give to their people.  You know, reduce social security, cut entitlements, etc.  It's a myth. The people will fight it.  They were rioting in Athens when it was announced and it's not over yet.  I think it will get worse there instead of better. 

In the long run, the big killer is the value of their bonds.  They will have to pay outrageous interest to borrow more money.  Greece can't produce enough to pay for its debt.  They will eventually come to the cross-roads where the Euro-countries have to decide whether to print more money to give them and devalue their own currency or kick them out of the European Common Market.  If they are out, the Greeks would have to go back to their own currency which would be of little value.  Then, you would be looking at a third world country ripe for an outside take-over.

What a mess this all is.  Sadly, Greece is not the only country in this situation.  Without help, Italy, Portugal, Spain and Ireland might follow. 

It is the same direction we are heading as a nation and an omen of what could be in store for the US if we don't change our ways.  
:-)