June 17, 2015
Greece apparently has a debt to pay to the IMF (International Monetary Fund) and to Europe. But Greece has been floundering financially since, well, before even going into the European Union, and it looks like they are not going to pay up at this latest debt payment schedule.
Zoi Konstantopoulou, a speaker of the Greek parliament, has put together a committee which has released a report that notes the debt they supposedly owe to the IMF and the Europeans, is "illegal, illegitimate, and odious."
If things fall apart, Greece will undoubtedly leave the European Union, and the Euro dollar. This may not be a bad thing ultimately for Greece; think about what happened with Iceland when they restructured.
But now we are starting to see stories of Greeks running to their banks to take out whatever cash they do have and stuffing into any safe hiding holes they might have.
What I do know is that when we last travelled to Greece, we learned that going on the Euro did no favours for the Greeks, and everything had become lots more expensive, just as it had for other Euro nations. A little while back I recall being in a line at the grocery store and an Italian fellow was in front of me complaining he'd just come back from Italy and things were very bad because of the problems with the Euro.
So, the winds of change are upon us. I'll be watching to see how this plays out.
Image Credit » https://pixabay.com/en/bank-note-euro-bills-paper-money-209104/ by martaposemuckel