Wednesday, June 22, 2011

New Fox News piece: Greece Needs to Pay Off Debts While It Still Has a Chance

My newest Fox News piece starts this way:

Tuesday night the Greek government survived a no confidence vote, with relative ease, thus allowing the Greek government to go forward negotiating a new bailout. The government faces a vote over "new austerity" measures, but there is no more reason to believe that Greece will keep its promises to sell assets and cut spending this time than it has over the past year.
Last year's mammoth €110 billion ($157 billion) European Union and International Monetary Fund bailout was supposed to cover Greece's financial problems for three years. But just one year later Greece is seeking another €100 billion.
The G-7 countries and major banks met well into Monday morning but failed to reach an agreement on any more than a temporary bridge loan.
Despite Greece's promises, government spending is up over last year's already bloated levels, the deficit is bigger than ever, and it has utterly failed to meet the promised sell-off of some government assets. Not a single public bureaucrat has been laid off so far. . . .

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