Let's face it, no private investor in his right mind -- even one loaded with money -- would lend any to Greece. Not only is Greece in economic and financial shambles, but also Greece just proved it by defaulting on loans. Talk about credit risk! Ok, suppose I felt really sorry for Greece (and I do have a soft spot for people in need) and wanted to help them out. Would I lend them my "$60 billion dollars that I have lying around?" Only -- and only -- if Greece demonstrated (proved?) to me that they had changed their ways and that there was a chance I would get the money back and not have them knocking on my door in another 3 years. It is bad enough that I could lose this $60 billion now, but I don't want to have this discussion in 3 years and get hosed and guilt tripped for another $60 billion. I don't want to be out $120 billion -- I only have $60 billion lying around! Yes, I know -- if Greece goes under now, it will hurt many in Greece (that is tragic) and it will shake the world's financial system and that is awful. But if Greece doesn't change, and it goes under 3 years from now it will do the same thing -- hurt people and shake the world's financial system. The only difference is that the world (Eurozone) will be $60 billion richer having not thrown this $60 billion in the air now. This is why Greece has to step up with a plan that will work -- not a plan that just holds them over. I want Greece to prosper. The ball is in their court. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.
 |
| READ THE ORIGINAL POST AT feeds.huffingtonpost.com |
