Why is Greece in financial trouble? Consider this…

“After fifteen years of contribution, a person could retire at 110% of his salary. Retirement was possible at the youthful age of fifty. The unmarried or divorced daughters of deceased public servants received a pension. Salaries were paid for a fourteen-month year. Civil servants had protected jobs and at least one person out of four had such coveted status. These people received significant bonuses. Such as for the ability to use a computer, or for the command of a foreign language. The writer’s favorite is a bonus for appearing at work on time. Bloated bureaucracy shows ingenuity to keep people on the payroll. The best job was on a commission that administered a lake that dried out in the 1930s.”

— The Brussels Journal

As for the entire EU, economist Jagadeesh Gokhale, writing for the National Center for Policy Analysis, reported that, “The average EU country would need to have more than four times (434%) its current annual gross domestic product in the bank today, earning interest at the government’s borrowing rate, in order to fund current policies indefinitely.”


May 7, 2010 - Posted by | Uncategorized

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