The Greek government has followed an unusual path to economic success–be incompetent, allow corruption to flow, and bank on not the banks, but on the generosity of the European Union to bail out any effort to avoid governing in a responsible manner. Revenue has declined and the government expects its projection for a deficit to be widely exceeded by reality. For years, the “Conservatives” were all too “liberal” with the nation’s resources and borrowed and borrowed. When “liberals” took power they avoided any semblance of being “conservative” and were all too liberal in borrowing and never paying back. There is now talk of a “national bankruptcy” which could seriously damage the European Union.
The psychology of the early years of the twenty first century was dominated by the culture of borrowing. Unfortunately, one did not borrow for a rainy day, but borrowed for a future that was always getting better. Welcome to 21st century reality.