In the News (from BBC News): “Greek politicians have approved a bill on austerity measures needed for a new bailout.

“The austerity measures have been demanded by the EU, the International Monetary Fund (IMF) and the European Central Bank (ECB) – the so-called Troika – as a condition for handing over a further loan.

“The agreement will unlock the latest 130bn euros (£108bn; $171bn) in bailout loans and allow a further 100bn-euro write-off of the country’s debt to private banks. …

“Greece was told to agree to further cuts in government spending equal to 1.5% of GDP, cuts in pensions and thousands more civil service job cuts. …

“Despite the austerity measures taken so far, the Greek government still spends more than it receives in taxes.

“Some economists and Greek unions say the plan is doomed to fail. They argue that by making people poorer the measures will simply shrink the Greek economy, reducing tax revenues and increasing the deficit.

“But EU leaders argue that there is no choice, that spending needs to fall even if it hurts the economy in the short term.

“Further they argue that increasing competitiveness, by lowering wages for example, will attract business to Greece and thereby boost the economy and taxes.”

My Comment: Maybe the EU and the rest of the world will learn from this: Greece must develop an economy of reasonable consumption, and not take the course of growing consumption; Greece must take the course of reasonable and equitable distribution of necessities for existence, and educating the population in the spirit of integration and mutual guarantee. In this case, within a short time, the country will definitely show the way to the entire EU.
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