Skip to main content

Greece Default

So Greece has finally taken the plunge. It went into default. Of course there is a referendum waiting to happen. So 5 days after it was supposed to pay its creditors, Greece will do a referendum. As if for past months, creditors and borrowers were just enjoying paid vacation hopping from one meeting to another. Really, if the Greeks wanted a referendum they should have done it and over with it by now.

And therein lies the arrogance and brashness of new age borrowers. Playing the victim card and funding the media's craving for the underdog story. You can see it across the globe. The big businesses in the United States being bailed out by their government, the sovereign defaults. So many people and businesses willingly wanting to go bankrupt as to show creditors who the king in the transaction is.

Greece is just a symbol. In India take a closer look at our state-owned power companies. Thousands of crores of debt is what they have raked in to supply power to their people. But neither they have the power to give to people nor have they any idea how to repay those loans. Other departments are doing no good either for everyone knows that you have created a debt monster. You keep feeding debt like that, and you reach the point where everyone knows it's never going to be returned.

Its not just governments, look at the Vijay Mallya story. Shareholders, employees, taxpayers funds were all deployed to keep his businesses alive. Loans were handed out over generously as in many cases over valuing properties and shares. What could anyone do? Nothing.

So what's the lesson in the Greek default? We the common men and women will bear the brunt of ambitions and foolhardiness of politicians and greedy men. In all such cases it's the tax payer's money that is used to feed bailouts, debts, and restructuring relief. For the trillion that Greece , in some other European country a peasant will be made to work more hard to pay more taxes so that they someone can organize more fancy meetings to organize bailouts or fund more debt.  The logic would be the betterment of that same peasant. But in his heart, he would know how much he is really progressing.

If they write off those debts, more countries will call for write-offs, more taxpayer money will be drained and the arrogance and powers of those in debt will only rise.
In the meantime, the Indian finance ministry if looking for bailouts for the steel industry as it is heavy in debt and the finance ministry feels shy in asking the banks of their accountability in giving out debts like free candy,
Labels:

Comments

Post a Comment

Also read

Lal Kitab remedies for daily energy clean-up: Simple habits for a vibrant life!

Feeling drained or stuck lately? 🌪️ Lal Kitab offers timeless, easy-to-do remedies for daily energy clean-up that can supercharge your life force! From feeding ants to tidying your shoes, these simple habits can make you feel like you have hit the refresh button on life. Let us explore practical, magical, and energy-boosting hacks for everyday life! What is the importance of daily energy clean-up according to Lal Kitab? Have you ever stepped into a room and felt... heavy? Like invisible weights hung in the air? That is stale energy—something Lal Kitab warns us about. 🧹 According to Lal Kitab, just like brushing your teeth prevents cavities, daily spiritual hygiene prevents ‘energy cavities’ in our lives. Studies from the HeartMath Institute suggest that human hearts emit measurable energy fields. If physical clutter makes you uneasy, you should understand the science behind energy healing and spiritual growth. When your home is energetically messy, your life feels stagnant. You ...
Post a Comment
Read more

Press 9 for a Crime by Shailendra Jha— Can a family fight a scam empire?

I read Shailendra Jha’s Press 9 for a Crime with my late-night lamp on; it’s a razor-sharp, humane thriller set between East Delhi and scam hubs in Southeast Asia . Fast, funny, and disturbingly real, it follows Aseem’s risky rescue of his missing brother. This review analyses theme, craft, character work and why the book both alarms and entertains and lingers. Why did this book grab me at once? Have you ever opened a book at midnight because the world outside felt suddenly less interesting than the danger on the page? That was me with Press 9 for a Crime . As someone who reads a lot of thrillers, believable stakes, and characters I care about. Jha gives me both within the first ten pages. The opening scenes place you in a cramped East Delhi neighbourhood and you instantly feel the hum of small-town hopes: the son who promises escape through a “job in Bangkok”, the ledger of family debts, the refrigerator light in a kitchen where dreams are rationed. Jha’s background in journa...
Post a Comment
Read more

The Price of Genius by Binit Priyaranjan Book Review: What Does India's Chess Revolution Truly Cost?

 India's rise from producing an occasional chess genius to becoming a global powerhouse is one of modern sport's most compelling stories. The Price of Genius by Binit Priyaranjan looks beyond trophies and headlines to reveal the families, coaches, failures, philosophy, and relentless pursuit that shape champions. This review examines where the book shines, where it stumbles, and why it deserves attention beyond the chess community. Have you ever Wondered What It Costs to Raise a Genius? Every generation inherits a comforting myth about greatness. We tell ourselves that prodigies are born with something the rest of us simply do not possess. A Mozart sits at a piano before he can properly write his own name. A Tendulkar seems destined to hold a cricket bat. A Viswanathan Anand appears to calculate combinations with supernatural ease. These stories reassure us because they reduce excellence to destiny. If genius is a gift bestowed upon a fortunate few, then the rest of us are sp...
Post a Comment
Read more