The Greek people are fed up with austerity — they’re sick and tired and won’t take it any more. But the country is broke after years of deficit spending and accounting shenanigans.
The “troika” (IMF, EU, and European Central Bank) are willing to lend Greece money but only on the condition of more austerity — which the Greeks won’t accept.
Greece is a net importer of oil — net imports stand at about 300,000 barrels of oil PER DAY. They have no nuclear power.
Someday soon, Greece will run out of money and default on their debt. When that happens, the lights will go out because they will have no way to pay for their oil.
Meet the Greek Leader Who Sent Global Markets Reeling – Business News – CNBC.
Maybe it’s coming to a head or maybe it will just linger . . .
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