Economics of Greece

The economic crisis in Greece isn’t exactly a secret.  For someone who doesn’t frequently divulge in the economics of countries in Europe, I noticed that the problems presented in the “Eat That!” article are fairly common. Obviously, if the problems were simple there wouldn’t be a crisis for many years. The fact that it’s common knowledge that tax evasion is a “national sport” seems odd to me. I realize that taxes are a pain and that paying them is even worse, but for the most part taxes do help the economy in one way or another. The concept of hundreds of thousands of Greeks basically being tax exempt just seems like a waste. Not wanting to implement or enforce taxes also seems like a waste. I’m not saying tax them till they have nothing left, but basic taxes to simply boost the economy enough to sustain itself doesn’t seem like the worst concept. The other problem that seems to be occurring is people not paying back loans; which you’ll find almost anywhere. The extent of people not paying, is to the point where banks have retrained their employees to collect money, instead of allow people to borrow more money. Also, with each new leader of the country the people have very little trust and are apprehensive, and deservedly so, with the dictator history.  The common theme though, is that the Greeks always defaulted to physical properties as wealth and not money.

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