These days the happenings in the Financial Markets are more thrilling than any Hollywood or Bollywood block buster and more tear-jerking than the art films of Bengali cinema of yesteryear. Greece is teetering on the precipice of sovereign default of repayment of loan to IMF. Greece has been struggling for some time with its External debt standing at 177% of its GDP. As an economy it has not been growing and with the dollar strengthening against the Euro the debt has grown larger in the recent months in dollar terms. Greece has been living beyond its means, a small country which has about half the population of Mumbai had accumulated debt to the extent of 3 5 0 billion dollars. An aging population, more than liberal social benefits, retirement pension starting from 48 years, no manufacturing and high-cost tourism denominated in Euro characterized the economy of Greece. More shockingly, the country admitted that it has been falsifying its annual budgetary deficit...
Tell all the truth Tell it slant Just as lightening explained To children kind Or every man be blind