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There’s been a lot of discussion about the Greek debt crisis in the news lately, and with multiple international relationships and economic factors involved, it can be difficult to grasp the overall situation. In the spirit of making complicated things simple, we’ve put this drama into a short play, so you can get the birds-eye view — possibly in the amount of time it would take you to finish your coffee this morning.
Greece is a man…with a very big family. He supports many of them who are unable (or unwilling) to work.
But his income cannot support them all, so he takes out a credit card.
However, Greece was a credit risk. He is a middle-income earner with a habit of overspending, and he struggles to extract enough money from his family to help pay the bills.
But then Greece manages to marry into a wealthy family (aka the European Union). This family knows some of Greece’s financial troubles, and expresses some concern about it, but he manages to convince them that he has reformed and thus is worthy of joining the family.
Greece gets married; he and his spouse open a joint bank account. He uses a loan from his new family to pay down some of his debts. His creditors feel more comfortable now that Greece has a co-signer, and they increase his lending limit. So he begins borrowing more and more.
Image©Paul Cowan/shutterstock
