Jubelscener i Athen

Grækerne har stemt ja til at ville fortsætte med at leve over evne.

It took many, many years of concerted effort – on the Greek side – to get this far, but at least now we will all have an “official” result: However Greece votes today it has already voted to escape “financial asphyxiation” by committing financial suicide.

“The only problem with socialism is that you eventually run out of other peoples money…”

Margaret Thatcher

The poor economic record of Greece goes back a very long way, says Matthew Lynn.
If Europe’s leaders had looked more closely at the country’s past they would probably have never allowed Greece to merge its currency with Germany and the other euro-zone members of the EU. Its credit record is truly awful. After the formation of the modern Greek state in 1829 the country went on to default on its debts in 1843, 1860 and 1893. According to calculations by the economists Carmen M. Reinhart and Kenneth S. Rogoff Greece has spent more time in default to its creditors than any other European country. It has been skipping its repayments for 50 per cent of the years since 1800, compared with a mere 39 per cent of the time for the next worst offender, Russia. Indeed, even if you moved it across to Latin America – generally regarded among bond traders as default central – it would still be among the worst offenders. Only Ecuador and Honduras have a worse record of meeting their debts.

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