Its almost the holiday vacation season and can't wait to get off of work! Was reading about Greece and its a bit scary to think of the problems when a country is in virtual bankruptcy. From Bloomberg:
In the Greek mountain town of Kastoria, less than an hour from the Albanian border, Kostas Tsitskos, 88, can’t afford fuel to heat his home against the winter’s cold. So he and his son live in a single bedroom, warmed by a small electric heater.
“One room is enough,” said Tsitskos, who lives on a 734 euro-a-month ($971) pension and doesn’t have the 1,000 euros a month he needs to buy heating oil.
Greece is facing a heating-oil crisis. With an economy that has contracted for five years and an unemployment rate at a record 25 percent, residents in northern Greece can’t heat their homes. Kastoria hasn’t received funds from the central government to warm schools and the mayor said he will close all 53 of them rather than let children freeze, a step already taken in a nearby town. Truckloads of wood are arriving from Bulgaria as families search for alternative fuels.
While I feel bad for the people in Greece that are suffering from the austerity, there's also the part of me that's wondering, what the heck is happening. How has the austerity program which to some degree is government based (needing to cut their budget), propagating so much throughout their entire economy? What happened to this guy's savings? Where is his family? Why doesn't the school have money from alternate sources like property taxes in the US? Why can't they reduce costs?
How much of these problems are unavoidable because of sheer numbers and physics and how much is from laws and regulations that is preventing a more steady state situation? An interesting section from the article: