Email L. Henry Platt, Jr.
BANKRUPTCY VS BAILOUT
If the people of Greece think that the terms of the proposed bailout are tough, let them consider what a national bankruptcy would mean. Imports would need to be paid for before they would be allowed to enter the country. Portions of the value of exports would be taken to satisfy old debts.
Chaos might ensue if the top echelons of government employees and private business moguls are unwilling to subsidize the government with 80% to 90% or more of their current earnings without any deductions. [I remember that during the 1950's American taxpayers prospered with a top rate of income taxation of 91% of all taxable income in excess of $341,000.]
The world cannot and will not continue to carry the profligately generous social support systems of Greece any longer, and the people and the government of that nation must make the necessary sacrifices to increase the size of he economic pie (GDP) and trim profligate concepts and programs.
Few remember the calamity of Easter Island.
© L. Henry Platt, Jr.