On Friday afternoon the Greek austerity deal didn’t meet the bailout terms imposed by the rest of Euro Zone. The Greek Parliament made politically unpopular decisions to slash government spending including fifteen thousand civil service jobs. The minimum wage was reduced by 22% and for a society that had the luxuries yet never paid the taxes to afford the social net in place, tempers began  flaring as the streets rose in protest. Germanys’ Finance Minister questioned whether the austerity plan goes far enough to earn a crucial vote to approve a second bailout. Unfortunately a weekend of rioting and the realization that their backs are against a wall, the politicians went further than the original proposal.

North American Markets opened positive because of the decisions made in Greece. In my opinion it may be better if they default outright, exit the euro zone and
start picking up the pieces. They will never be able to repay the debt as the short term gratification has ensured the next generation will become debt slaves. Greece has become the scapegoat for other nations deemed too big to fail. Consequently for the People of Greece spending more than you make has dire implications. For the rest of the world a default may bring down an economic system we are dependant on. Will it be money that makes the world come down?

Syrians continue to be slaughtered by their own government.

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“Leave the gun…Take the Cannoli”