Should Europe and the rest of the West be punishing Greece for its lousy economic management or helping it out of a tight spot as happened during the global financial crisis? Greece needs an estimated $370 billion to get it through its current crisis. Europe is wanting to impose rigorous austerity measures on the country. During the Global Financial Crisis, we taxpayers of the world thought nothing of forking out trillions of dollars to failing banks who had deliberately and greedily overstretched themselves at our expense.
Citigroup -$2,513 trillion
Morgan Stanley-$2,014 trillion
Merrill Lynch -$1,949 trillion
Bank of America-$1,344 trillion
Barclays PLC-$868 billion
Royal Bank of Scotland-$541 billion
JP Morgan-Chase-$391 billion
Deutsche Bank-$354 billion
Surely when a nation is on its knees those with wealth should show some compassion. ? Surely economic and political decision makers would not want to deliberately punish 11.03 million people , create economic and political chaos and the risk of state failure for the sake of making a point about economic stewardship. Why did the world tolerate bailing out the banks and why is is not calling for justice and mercy for the people of Greece. ? We live in a world of double standards where those with wealth make the rules for the rest of us . Whoever has the gold makes the rules in the 21st century. Its time for us to revert to the real golden rule…. do unto others as you would have them do unto you!.
We all make mistakes -bankers , politicians, executives. Its time to be compassionate to Greece not punish them further.