Greece does not have a financial problem—that’s the symptom; it has major structural issues that more loans won’t solve. Greece has been here before; the country was bailed out in 2010 with accompanying austerity measures that contributed to the current financial strain. Undoubtedly, a difficult journey lies ahead.
I am surprized that given the growing size of personal household debt, the Throne Speech had this statement: “Canadians live within their means and expect their government to do the same…” Hopefully, the government will aspire to do better than households! With household debt of $1.3 trillion, we are on the cusp of a major personal debt crisis.