Thursday, 23 February 2006

LIVING ON BORROWED TIME ?

130 billion euro bailout for Greece could well be termed,

“ Give money , will splurge “

But lenders are not amused. They want the Greeks to tighten their belts. And here is how :


·     Current monthly minimum wage of 750 euros to be reduced by 22 %

·     Younger employees ( below 25 ), must suffer a cut of 32 % . Half of them are in any case unemployed !

·     Social security contributions to be cut by 5 %

·     15,000 workers to be paid 60 % of basic wages and be dismissed after 1 year

·     State work-force to be cut by 150,000 by 2015

·     Retirement age to be increased

Even as Greeks are rioting in the streets , no one is asking :

“ How long can any individual or a nation continue to live beyond its means ? How long can you live on borrowed time ? “

The writing is on the wall

Germans and French are unwilling to play , “ my brother’s keeper “  , for Greece , Portugal , Italy , Spain , UK etc

Forget global warming. Global cooling is around the corner !


With regards


HEMEN  PAREKH