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Old 07-25-2012, 08:04 AM
parsonsj parsonsj is offline
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Here's another article from the NY Times:

http://www.nytimes.com/2012/07/25/wo...pagewanted=all

The article describes how the austerity measures levied on the Greek government in exchange for bailout funds from the rest of Europe may have made the problem worse.

Now, Greece is different than Spain in 2 key ways:
1. Greece has a long history of tax avoidance. Some analysts estimate that Greece loses 30% of its tax revenue due to fraud.
2. Greece has a long history of graft, cronyism, and outright fraud within its government. Despite their ancient history, most of recent Greek history is that of far right governments, and democracy as we know it has only been in place for a few decades.
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