Those darn Greeks are ending our week down again!

This situation is one big labyrinth. Greece implemented its 7th austerity plan in five years. So just when its found a solution to the debt-maze, it just reaches another dead end.
So the poor Greeks have to pay even more taxes and cut their spending down.

In Greek we say “Ti krima” which means, what a shame. It’s actually getting so ridiculous that they’ve even created a Wikipedia page on the issue called “Greek-government-debt-crisis- countermeasures”.

But here’s where it gets interesting. Greece’s economy is not even make up 2% of the Euro zone’s economy. But the world is still up in arms about whether Greece will ever pay their debt in the medium run. And so, the Greek-debt crisis is playing an important role in the confidence of the world. 

With the lack of confidence worldwide about the countries in Europe not being able to pay their debt, we’ve seen many stock exchanges sell off this week alone. And this includes the JSE falling 2% from its highs.

But I think things will get better now that they have a Finance minister who acknowledges that the Austerity plans just don’t work. 

Let me quote Yanis Varoufakis who called the austerity plan a “deal-breaker”:

“Our government – and will not – accept a cure that has proven itself over five long years to be worse than the disease.” 

"Wisdom yields Wealth"

Timon Rossolimos

PS: Don't forget to like these two pages on Facebook for awesome trading tips and Facts about everything!