greek govt should cancel armament orders to raise cash
News Posted On: 02 September 2010
The European Union has told the Greek government that it must produce 5 billion Euros in order to conform to the requirements stipulated by the bail-out package. So the government is now pondering how to come up with the cash.
Experts believe it most likely that the Greek government will increase the taxation of its population. But this would further escalate the anger of the Greek people. A Greek population that knows that its government has an order in place to buy 6 Naval Frigates from France for a cost of 4.2 billion, and another with the German government for more Frigates, for which the details are yet to be finalised.
The Greek population could surely not be called wrong for expecting its government to cancel those orders and save the austerity being laid upon them from being made any worse than it already is.
In fact, according to some commentators the Greek people are coming up with regional currency alternatives so that they can live well and respectably while their government blunders them into poverty. Only a stiff decision like cancelling the orders for the Frigates will pull public opinion back in favour of the currently irrelevant government, so say these same commentators.
From our point of view it may be better that Greek cancels the orders. Austerity measures are necessary for many countries in the aftermath of the recession, but they don't have dent consumer sentiment.
If Greek consumer sentiment gets any lower than it is already, we could be facing a revolution scenario -- perish the thought. So, to avoid more austerity, get the bail-out and get back on track, the Greek government should cancel the orders for armaments until they are in better financial shape.
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