| The Greeks are catching a lot of flak at the | | | | answer is found in Asia in the late 1990s. Thailand |
| moment for their massive national debt problems, | | | | had built up a huge real estate bubble [sound |
| but most of the countries giving them grief should | | | | familiar?]. It eventually went bust and nobody |
| look in the mirror. They might notice their own | | | | stepped up to help. The general view was |
| debt is massive as well. Given this, why are the | | | | Thailand was a small player in the economic world |
| willing to help the Greeks? | | | | and it wouldn't have a big impact. Wrong. The |
| The numbers from Greece are not good when it | | | | economies of Asia were tied together in obvious |
| comes to measuring the national debt in the | | | | and less obvious ways and the countries of |
| country. The deficit is a shocking 12.7 percent of | | | | Southeast Asia were all severely impacted. |
| the countries entire economic output. This is a | | | | Currencies lost much of their value, which is why |
| huge number and is making buyers of debt very | | | | vacationing there is so utterly cheap. Given all this, |
| hesitant to provide the assistance that Greece | | | | the EU is not about to watch Greece go down |
| needs. This is multiplying the problem and forcing | | | | the tubes. |
| an already stressed Eurozone to step up and | | | | The situation with Greece bears watching because |
| promise assistance. The promise, however, is a | | | | it is not the only country in the world that is |
| very interesting one. Why? It is coming with a | | | | suffocating under massive debt. The real question |
| brutally blunt set of demands. Greece must slash | | | | is how long countries will continue to bail each |
| government spending and raise taxes before the | | | | other out as we move forward and the bill for all |
| countries of the EU will kick in to help it. | | | | this government spending comes due. It is not |
| Why not let Greek default on its debt? The | | | | going to be pretty. |