Greece is capturing the attention of a lot of the world’s financial news. Greece, however, is not alone. At least thirty other countries are in similar situations, some for years. More than 10% of the world’s countries are in some stage of dramatic debt crisis. Most of them, however, don’t receive the same level of attention. Greece gets the attention because it is large, old, and in the European Union. The issue isn’t that Greece has a problem, but whether Europe and the rest of the rich world will encounter difficulties. In the meantime, millions live in dysfunctional economies suggesting that the conventional economies are not a panacea. Unfortunately, no nation-wide alternative has been enacted. (Though, some are trying, like in Iceland.)
(Click on the photo for the link.)
“Beyond Greece, The World Is Filled With Debt Crises” – Guardian
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