Ancient Greece was one of the world’s greatest civilizations.
But not many people would say that about modern Greece. After decades of reckless spending — and despite big bailout help from other countries — Greece reportedly has enough money to pay its pensions, salaries and bondholders only through the middle of next month!
What then? It is feared that if Greece defaults on its loans, there will be huge, painful losses throughout Europe — and the world.
Greek officials are offering rather hollow assurances, but even in the best-case scenario, that country’s problems will have ugly consequences far beyond Greece’s borders.
Shouldn’t the troubles brought on by wild spending in once-admired Greece be a warning to the rest of us?