Sunday, June 28, 2015
For months and years the drama, or more likely, tragedy that is the Greek debt negotiations have been ongoing. We have been told how the potential collapse of the Greek economy threatens the world economy and how Greece must impose tough reforms in exchange for debt relief and further support from the IMF, ECB and fellow European Union members.
However, the math behind this supposedly complex drama is incredibly simple.
Greece does not generate enough revenue to be able to pay off its debtors. There may be a thousand and one causes of this and the Greek economy may have been very inefficient, but this is the one major problem.