HappySqurriel on 02 November 2011
| lordmandeep said: I agree, many people say its unfair that the people of Italy, Portugal, Greece and Spain and others have to face social spending cuts due to austerity measures, and they say the banks are all to blame. The reality is all of these countries are far less competitive then the Northern Euro Countries, however they still had top notch social services. You see, Scandinavian countries have great social services because they have a strong economy to support it. The PIGS countries do not, so they have been living well beyond their means for many years and deficits piled up. Add on the financial crisis, a problem became into a crisis and now radical measures are being taken. You see people say the want GOVT to stop spending but get angry when it stops social programs. |
How are the banks to blame? Did the banks hold a gun to the Greek Government's head and force them to take out loans to support ridiculous and unsustainable entitlement programs?
