Thursday, May 20, 2010
Just a Spoonful of Greek Yogurt Won't Solve Greece's Debt Problems ... But It's Oh So Good
Greek Yogurt truly is food for the gods. Try it sometime! Luscious and good enough to be retained as a necessary luxury item in spite of my own personal austerity plan.
And by the way, have you heard about what's going on in Greece? In a nutshell, Greece was a nation where government spending sprees and subsequent "creative" financial reporting were the name of the game. Now Greece's national debt is bigger than its economy and is forecast to reach 120% of its gross domestic product in 2010. The country is also out of compliance with eurozone requirements for debt levels and its credit rating is the lowest in the eurozone.
Greece's new prime minister has been forced to abandon campaign promises and impose an austerity program for the nation ... new taxes on fuel, tobacco and alcohol, pay cuts for public workers, and crackdowns on tax cheats. Well ... it's not going over too well with the citizenry, as you might guess. In fact, they're rioting in the streets, and the only amusement anybody's getting out of it is that the Legendary Athens Greece Riot Dog (see video below) is still on the case.
So anyway ... the rest of Europe and the US are coming to Greece's rescue. Let's just hope it's not too little, too late. This crisis is definitely impacting world financial markets, so you, too, are paying for it if you have a 401K and/or personal investments which are now in depreciation mode.
Meanwhile, buy yourself some Greek yogurt and watch the video. You won't regret either.