Monday, May 7, 2012
The Greek economy is a lot like Sicily's, except with twice the population and without the organized crime. Like Italy, Greece is plagued by public-sector corruption, high taxes and what might be described as "welfare state" policies. Not a pretty picture. But abandoning the euro might throw its fragile economy into free fall down a black hole, in the process debasing the value of goods and services for years to come. It wouldn't help the Euro Zone generally.
How does this involve Sicily? In many ways, Greece's problems are quite similar to Italy's. In both nations the roots of the economic woes transcend (and pre-date) the current crisis which began in 2008. The difference, of course, is that Italy is slowly getting her house in order and had a much larger economy to use as a shield. We wish the Greeks well.
Posted by Vincenzo Salerno at 2:29 PM