Op-Ed Columnist - Greece’s Newest Odyssey - NYTimes.com. Last week, I criticized Greeks for acting somewhat oddly, given the bail-out package they were about to receive. Today, I read this op-ed by Thomas Friedman, which narrated Friedman’s talk with Greece’s Prime Minister Panadreou and (more importantly) showed that Greece is trying, hard, to keep up its end of the bargain.
If Greece doesn’t put into place austerity measures (tax hikes and spending cuts), there is a good chance the country won’t receive loans from EU members, which will result in an inability to pay off sovereign debt, which, in turn, will cause a collapse of the Greek economy.
Yet, a large number of Greeks seem to be violently protesting the measures. In fact, 3 people died yesterday when a bank was destroyed during protests, including a pregnant woman. Some protesters go so far as to claim a “conspiracy to subdue proud, independent nations.” Yeah… the rest of the EU and the IMF are co-conspirators in a large scheme to help Greece climb out of an irresponsibly large debt it built up over the course of the past decade. What a terrible conspiracy.