FRONT PAGE CONTRIBUTOR
Greece: the remarkably important looming financial crisis you’re not hearing about.
And when I say 'looming,' I mean: it's almost a matter of looking at your watch.
I don’t suppose that the administration has any kind of plan regarding this?
Greece’s long-running standoff with its European creditors appeared headed on Saturday for an abrupt — and potentially cataclysmic — ending as the continent’s finance ministers rejected an emergency Greek request to help the cash-starved country meet a Tuesday deadline for paying back its debts.
The development, just hours after Greece’s prime minister stunned the continent with plans to hold a nationwide referendum on Europe’s latest proposals, makes it increasingly likely that Greece will default — and could soon crash out of the euro zone altogether.
…Because – and this is a bit of an issue, really – Greece is in fact a formal ally of the United States. NATO, and all that. It might not be in our country’s best interests to let Greece go take a swan dive out a penthouse window.
Mind you, I’m more sympathetic towards the administration than usual, because I’m blessed if I can think of a viable thing to do here, either*. But I’m not actually sympathetic towards the administration, because nobody forced Barack Obama to run for and win the office twice, and if he’s going to play at being an Imperial President… well. Then go decree something, your Imperial Majesty.
Moe Lane (crosspost)
*I’m very much an amateur at this sort of thing, but it certainly looks like the problem is that Greece wasn’t controlling its spending prior to 2008, got hammered in the economic freefall, and hasn’t been able to tough it out until this unnaturally-extended global stagnation finally ends (probably some time in late 2017). It doesn’t help that the current Greek government is promising its voters unlimited pie. …Baklava? Or perhaps chak-chak – but I suppose that that’s just old Cold War reflexes on my part.