I think you sort of have to look at Greece at this point like someone on Welfare or someone begging on the streets. They are trying not to starve to death at this point, so almost anything can be expected at any time. When you have nowhere else to turn you are going to say anything and do anything.
But, if they totally collapse at some point, (which looks more and more likely now) unless real reforms are made inside of Greece (which at this point don't look real likely) it is going to scramble the economies of both Europe and to a lesser degree, U.S. and the world.
So, this is a Catch 22 situation where there is no good solution at present. If you were the average Greek person in this situation what would you do? There are no good options. There is only a way to maybe survive for another day or another month and that's all.
- Full Definition of CATCH-22 1 : a problematic situation for which the only solution is denied by a circumstance inherent in the problem or by a rule
So, because of this I would say Greece is a ticking Time Bomb for not only the people of Greece but also for the European Union as well.
One of the potential solutions to this problem would be for Greece to cease being a nation and instead become a part of the European union as a State (sort of like a State in the U.S. only in the European Union instead). This classification would allow Greece to be reorganized directly by the European Union so it could function more efficiently. I think the Greek people might agree to this if they had a future like they don't have one now.
So, one solution to the problems of not only Greece but also the European Union would be for Greece to give up it's nationhood in order to become a State like a state in the U.S. only in relation to the European Union instead of the U.S.
This might allow poorer more indebted nations in the future like Spain, Portugal and Italy to also become states too instead of sovereign nations which might help the European Union survive as well. So, the end result might be more desirable than what is happening right now.
I think this might be a better outcome than Greek Banks failing and crashing one of the too big to fail banking chains which would bankrupt all or most of Europe and sent it into a full on Great Depression.
Remember, necessity is the mother of invention.
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