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Greek economy, continued ...Published: September 01, 2012

Milton talks about Greece's economic woes.
For months, Greece and its collapsing currency and downtrodden economy has been the focus of intense international debate. Money markets worldwide have risen and fallen on the hopes of saving this country from bankruptcy and sparing the rest of Europe and the U.S. from the crippling domino effect its fall could have on their own sputtering recoveries.
While the world waits for this fiscal drama to play out, many Greeks are returning from late-summer vacation. Even in the face of political strife that Milton says may spill into the streets and crater what stability remains, this nation, as it has done forever, essentially shuts down for the August holiday.
“It’s the Greek way,” says Milton, offering a mild defense for behavior that seems so incongruous to the state of affairs here. It speaks to the maddening indifference some world leaders have railed about when it comes to rescuing this country. Greek’s geopolitical importance as a democratic port located on the doorstep of the volatile Middle East has long been noted by American and Western European leaders.
Over the last decade, Greece went on a debt binge that came crashing to an end in late 2009, an economic crisis that has decimated the nation’s economy, brought down its government and unleashed increasing social unrest. A delicately knitted bailout supported by European economic consortiums has failed to reverse the free fall because most of the billions of euros sent to Greece has simply been used to pay interest on those loans, not principal. So the Greek economy continues to struggle.
But this seems to matter less to Milton, who prefers to talk about Athens’ beaches and his oldest son, a yacht captain for a well-heeled Greek business scion.
“Greece has been around a long time,” he says near the end of my 90-minute cab ride from the Athens airport through the center of the city to the harbor. “We are survivors, and we will weather the storm. At what price, I just don’t know.”

Go HERE to read all of Steve Churm's blogs from the Mediterranean.


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I'm relaly into it, thanks for this great stuff!
Comment at 10/4/2012
You can awalys tell an expert! Thanks for contributing.
Comment at 10/24/2012