With a caveat for the United States as well.
Now that your citizens, at the urging of its president, have decided to vote NO to “austerity” meaning: no, we don’t wish to take any fiscal hardship placed upon us by those to whom we owe money, what can possibly be in Greece’s future?
Let us also not forget about another large country in fiscal trouble — again — Argentina.
Argentine President Cristina Kirchner, whose country defaulted on a mountain of debt more than a decade ago, called the vote a victory.
“Greece: decisive victory for democracy and dignity,” she wrote on Facebook Sunday, expressing Argentina’s “solidarity with the brave Greek people and their government.”
In 2001 Argentina, you may recall, defaulted on over $100 billion dollars in debt.
Another South American country weighed in on Greece.
Meanwhile, Evo Morales, Bolivia’s leftist president, congratulated Greece on Sunday, calling the referendum a defeat against “European imperialism.”
Morales, a harsh critic of free-market economies, said the referendum was “the beginning of the liberation of the European people.”
It is that so-called “European imperialism” that happens to fund the largesse of Greece to its citizens, one should remember.
A small thing that Greece and other countries should consider:
Who will ever makes loans to you again if your common response is but to default on them?
BZ
P.S.
For an explanation of Greece’s fiscal crisis, go here.
US stock market took a hit, but not bad, and gained some back:
Equity markets around the world fell on Monday and U.S. oil prices tumbled 7 percent after Greece overwhelmingly voted against conditions for a rescue package and following unprecedented measures in China to staunch recent massive losses in its stock markets.
Wall Street shares fell less than some had feared. The International Monetary Fund reassured investors by saying it was ready to help Greece if asked to do so. European shares fell around 2 percent, a relatively muted reaction to the Greek vote.
