Greek Myths

Greece wants to be prosperous without being competitive. It wants to run a five-star welfare state with a two-star economy; modernity without efficiency or transparency; wealth without work. Greece wants control over its own destiny—but it also wants someone else to pick up the check.

In what the WSJ’s Bret Stephens calls a flight from reality, Greece’s debt-to-GDP ratio is 177%, which means that this year Greece will produce barely half as much as it owes. Greece also spends close to 18% of GDP on public pensions, compared to about 7% in Ireland and 5% in the U.S. And this is what the Greek government calls austerity?

Bret Stephens writes, “Pride goeth before destruction, goes the proverb. So does stupidity.” Read more from Mr. Stephens here.

Debbie Young

Debbie, editor-in-chief of Richardcyoung.com, has been associate editor of Dick Young’s investment strategy reports for over three decades. When not in Key West, Debbie spends her free time researching and writing in and about Paris and Burgundy, France, cooking on her AGA Cooker, and practicing yoga.