Greece has voted for a new government, led by the socialist Syriza party. They won on a campaign vow not to accept economic cutbacks demanded by the European Union, in return for a promised $336-billion bailout.
But as David Burge quipped, Socialism is like a nude beach. Sounds pretty good until you actually get there.” Or as Margaret Thatcher said, “The trouble with socialism is that eventually you run out of other people’s money.”
And with Greece, it is all other people’s money – their national debt is equal to 175% of their GDP. After a certain point, no one is willing to risk lending you more.