We all may have heard about the Greek financial crisis
before that Hamburger crisis from the subprime crisis
and ways before that our Tom Yum Kung Crisis.
So what are the differences between those crises
and why should we care ?
Let's go back to 1997,
Tom Yum Kung crisis
affected Thailand and Asia.
Hamburger crisis affected the whole world
and this time
the Greek crisis episode 2
so what are the Greek supposed to do ?
They may have to do what we (Thailand) did,
first they may have to be pulled out of Euro first
and depreciate the value of their own currency
and also sell some assets to their creditors
which are other Europe countries.
Increased tax rate will increase the ability to pay back
after the haircut ( reducing the amount they owe)
but it will cause
uprising and protests in the country.
If not,
their people will suffer like
Thai people used to suffer
for example,
work harder , live less luxuriously and with more discipline.
Every country has debts
including
America and Japan
but the inability to pay back the debts
concerns the whole world
who are both creditors and debtors to at least one other countries.
In the end
everyone has to do something to help out from the mess
not just increasing the debt limit and print out more money
we have to be more disclipined
and learn from this mess.
Or else it will happen again and again.
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