Greece has the right idea: Say no to debt

Greek Prime Minister Alexis Tsipras, left, meets with European Central Bank President Mario Draghi.

Greek Prime Minister Alexis Tsipras, left, meets with European Central Bank President Mario Draghi.

Around 2,500 years ago, the Greek city of Athens developed a novel concept: dēmokratía, the rule of the people. Though their system was far from perfect, Athens laid important moral and philosophical groundwork that stood in contrast to the dynasties of pharaohs and emperors. Leave it to the Greeks, two and a half millennia since developing the concept, to remind the world of today what democracy is supposed to look like.

Greece’s ongoing debt predicament is not unlike the subprime mortgage crisis in America. Lenders issued bad loans which the debtors proved unable to pay back. In Greece, those lenders have been both private banks and fellow Eurozone nations. As in America, rather than allow the banks to eat the loss, what’s being demanded instead is taxpayer sacrifice. Continue reading