Wants Vs. Needs – What We Can Learn From The Greece Debt Crisis

I was listening to the news broadcast coverage of the Greece debt situation recently, and here is how the information was being delivered in all of the coverage.

  1. Greece has a debt problem
  2. Because Greece is part of the “Euro Zone”, this means that the “Euro Zone” has a problem
  3. Because French and German banks are heavily vested in Greek banks and debt, they stand to lose the most if Greece defaults
  4. In order for the “Euro Zone” countries to “bail out” Greece, the government and citizens of Greece must accept restrictions and cuts – so-called “austerity measures”
  5. The Greek government and citizens don’t want these cuts and restrictions

My response (out loud many times) has been, “OF COURSE, you don’t want cuts and restrictions – NO ONE does!  BUT your economy is BROKE and everything has been financed and leveraged to oblivion – with OTHER PEOPLES MONEY!”  Based upon recent data I have seen, nearly 95-percent of Greek debt is owned by foreign entities.”

Let’s explore this in terms that we can all understand better.  Suppose you let your neighbor borrow $10,000.  Then your neighbor spent all of the money with no real plan for repayment, and when you approached them for repayment, they said, “But if I pay you back all of the money I borrowed from you, I will have to reduce or cut out some of my lifestyle.  I’m not willing to do that.”

How would that work for you?

I have said it 10,000 times if I have said it once. The day I stopped whining and complaining and started taking the tough and difficult actions necessary to get my financial house in order is THE DAY that I started winning with money!

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1 Comment

  1. Connie Milam on November 3, 2011 at 6:31 pm

    Enough Said! Amen!

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