Greek ‘pride’ looks more like ‘chutzpah’
Re: Europe’s Game Of Chicken, Andrew Coyne; Euphoria Meets Disbelief, Matthew Fisher, both, July 7. I have been puzzled by the “pride” the “No” vote is claimed to represent. Already in 2004 Greece admitted it had fudged statistics to gain entry to the European Union. Since then, it has shown its promises are worthless. Now, it is seeking more money, but wanting to call the shots to its creditors. In a highly democratic country like Canada, I do not have the right to refuse to pay the minimum on my credit card debt nor am I entitled to demand an ever-lengthening line of credit on my own conditions while the debt piles up. So we are not talking about pride here or even democracy, but breathtaking and irresponsible chutzpah.
Janet Sanders, Côte St-Luc, Que. Greeks voted into power a leftist government that promised to end the austerity program requested by the eurozone and other lenders. The prime minister put forth a referendum to the people, asking for a decision to accept or reject the eurozone’s terms. He strongly urged a “No” vote, declining to repay an instalment on the borrowed euros. Sixty per cent of voters supported his position and banks are now running out of money. Many Greeks say the eurozone members are being too harsh in their terms and asking for repayment of the borrowed cash, stating they wish to preserve their dignity. What is dignified about continuing to live on borrowed money and not expecting to repay it?
Gary Lawson, Tsawwassen, B.C. If the Greeks get away with defaulting on their debt, that will send a message to all the self-indulgent, prodigal people of today and their governments it is OK to live way above one’s in- come and there will be no comeuppance. The best thing that could happen is to let Greeks dig themselves out of the hole to the best of their ability and the world see what happens when governments overspend, borrow vast amounts and pay vast amounts of interest, creating ever-increasing debt.
Millie Penny, Mississauga, Ont. Is anyone surprised Greece defaulted? More than 30 years ago author/philosopher Jane Jacobs predicted a single international currency would be a disaster. In Cities and the Wealth of Nations, she argued a national currency is an economic barometer — when the economy starts to fail, it will sink, giving the nation warning it is in trouble. It also gives the failing nation an economic advantage that helps it recover. Because the value of the euro is supported by Germany and other productive nations, Greece had no warning it could not ignore. It crashed. As Jacobs wrote, “We must be grateful that world government and world currency are still only dreams.” Now the dreams are coming true.
Andy Turnbull, Toronto. Former Greek finance minister Yanis Varoufakis called the country’s creditors “terrorists” because they demanded Greece set its house in order to be able to repay its debts. This shows the communists and socialists insist on feasting on other people’s money, abandoning the sane idea wealth must be created before it can be distributed. The Greek drama also shows the eurozone should revert to being a trading partnership, rather than a single currency political unit managed by the apparatchiks in Brussels. This will allow the various nation states to develop according to their own special talents.
Jiti Khanna, Vancouver.