Greece Independence Day and the Crisis

March 22, 2012

It seems like Europe may have jumped the highest hurdle in its extended debt crisis, as Greece’s agreement with its creditors released much tension and relieved fears of a much more sever bailout. Markets responded well and European leaders have turned their attention to avoiding a recession.

In fact, Mario Draghi, the President of the European Central Bank, stated this week he believes the worst of the debt crisis is now over. As Europe gives a sigh of relief and Greece celebrates its ability to handle its debt, President Obama hosts a reception for Greece Independence Day.

Though Greece may have emerged from the thick of their debt crisis, it was not without a strong price. Europe’s economy continues to threaten recession, Greece lost many measures of independence and supremacy, and Greeks have been left frustrated and struggling to deal with double digit unemployment.

The reality is that even if Greece has in a sense seen the absolute worst part of its financial crisis, it still has a long way to go to even begin growing again. Washington though continues to spend as though there is no harm. At tonight’s reception, while leaders celebrate the Greek holiday, hopefully they will take note of what is possible when debt gets out of control. Greece’s default was not an unavoidable situation, and neither is ours.

To view our sister campaign’s, Washington Could Learn A Lot, Greece Ad, click here.

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