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Jiffy Rental Center
Jiffy Rental Center
Jiffy Rental Center in Riverton, Wyoming

 Say you are about to begin drawing on your social security. And say that the government of China who holds a fairly substantial amount of America’s debt now demands that the American government cut social security payments to retirees by 30% to shore up our national debt. How would this news make you feel as an American on the verge of retirement?  If you  can put that into a few choice words, you won’t need to guess how citizens of Greece feel.   

 Greece is a small country of 11 million people.  Even so, the country is a pivotal player on the world stage of international finance.  A default by Greece threatens the Euro.   At stake in Greece is a choice between more austerity or a chance for growth.  As the Ghostbusters would say, “who ya gonna call?” Or in this case, who ya gonna save?   The people of Greece or the Euro?  Who expects to save many people by ignoring the first few of them?  

Should Greece stay in the Euro or go back to its own currency, the Drachma?   Uncertainty always accompanies change.  Still, citizens of Greece should be better off with their own currency.  With a devalued drachma, tourism and exports in Greece will be a bargain for the rest of the world.  This means economic growth and recovery for Greece.   

Meanwhile Greece negotiates with its creditors. Guess who those new debt documents are going to favor?  Not Greece.  Why should the country agree to more backbreaking austerity measures? Greece can write off the bulk of its external debt by leaving the Euro altogether. 

When have you seen lasting stability come at the expense of citizens pushed to the brink of economic ruin?  Citizens of Greece have endured years of recession and 25% unemployment with no hope for a better future.   Greece's debt is unsustainable.  Leaders of Greece should leave the Euro to save their citizens unless creditor nations agree to reduce their debt.

Sometimes what people and governments fear the most is the change they need. 


Jiffy Rental Center Riverton