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  • Greece: Paying For The Sins Of Dionysus

    Greece was supposed to become the land of “Apollo:” god of the Sun, dreams and reason, but somehow through corruption, incompetence and indifference, it is “Dionysus” — the god of wine, ecstasy, and intoxication, who claimed Greece as his own – now not only are the Greeks suffering for those abuses: the entire European Union is on the hook as well.

    Greece is going down!

    Zeus is in mourning. The most powerful of all Greek God’s has a dilemma: the wrong son captured power in Greece, and now  Greece is on the verge of collapse.

    Greece was supposed to become the land of “Apollo:” god of the Sun, dreams and reason, but somehow through corruption, incompetence and

    Dionysus: the god of wine, ecstasy and intoxication.

    indifference, inexplicably it was “Dionysus” — the god of wine, ecstasy, and intoxication, who claimed Greece as his own – and now not only are the Greeks suffering for those abuses: the entire European Union is on the  hook as well.

    In the Economist (Athens Ed.) article, Greece and the Euro: The Brewing Storm, they illustrate that even though Greece has moved beyond its most immediate issues – they still face dreadful barriers: Greece is looking dead-ahead at the potential for staggered catastrophes on the horizon.

    The article stated, “Regardless of the atmosphere on the streets, there are big question-marks over Greece’s future. The current €110 billion ($159 billion) bail-out package from its European partners and the International Monetary Fund will not be enough. Mr. Papandreou is betting that the EU and the IMF will come up with another €100 billion (or so) to keep the country going until well into 2014, when, perhaps, it can move seamlessly into the EU’s new stability mechanism for propping up fiscal miscreants….The vote reassured anxious European bureaucrats who have been relying on Mr. Papandreou to impose fiscal discipline, setting aside his “soft” Socialist credentials. The prime minister had already won a standing ovation from his Panhellenic Socialist Movement’s (Pasok’s) parliamentary group after reneging on an earlier suggestion that he might make way for a non-political premier—Lucas Papademos, a respected former deputy president of the European Central Bank—and a group of technocrats to handle the next crucial round of reform.”

    Much of Greece’s way forward depends on the level of austerity that George Papandreou, the prime minister, will develop to both create a triage unit for the country’s finances and to implement measures to get the Greek economy and labor moving in a positive direction.

    But the Greeks do have a trump card: the Euro. Due to all of the European Union countries economies being connected, a failed Greece would be devastating to rest of the countries as well, so they have no choice but to lift the boat of Greece, so all the boats can remain above water.

    The European Union wanted their economies to be inextricably intertwined, now they are: and now they might be having second thoughts that they ever did this.

    Someone is going to have to find “Apollo.”

    Good Luck.

    Calvin Wilson
    Founder and CEO
    Upstart: Business and Management for 20-40 Year Old Professionals
    Calvin.wilson1@verizon.net

    Filed Under: Global Business

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