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Roger Showley, SAN DIEGO UNION-TRIBUNE
Friday, February 24, 2012
Kelly Cunningham, National University System
Answer: NO
The second bail-out agreement imposed upon Greece does not avoid default, but only buys time before yet more necessary restructuring. Greece is a vivid example of misguided socialist government interference destroying economic prosperity. Greece has been in default or restructuring 50.6 percent of the years since gaining independence in 1800. They are not avoiding default this time either, but attempting to manage default renegotiations. Pumping resources (liquidity) into Greece’s financial insolvency bails out a boat with much bigger hole than available bucket. The deal may help contain the Greek problem to Greece, lessening illiquidity threats for the rest of Europe.
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