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IPFS News Link • Economy - International

Why The Greeks Should Repudiate Their Government's Debt

• http://www.zerohedge.com, by Simon Wilson

With government jobs paying three times the private sector average, a national rail service with a wage bill four times its annual revenue, a public pension system that would pay out generous benefits at fifty for anyone classified as working in "arduous" professions like hairdressing, there is no shortage of taxpayer-funded largesse running rampant through Greek society.

At this point however, dissecting the Greek's failure to live within their means is not only nugatory - beyond proving the time-tested observation that people like something for nothing - but also obfuscates the true moral contours of the crisis. Moreover, it blurs our understanding of a fundamental truth crucial not just to the future of Greeks but all peoples: Government debt is not like private debt. In fact, government debt is fundamentally illegitimate and one might even be justified in claiming that anyone seeking to profit from it is aiding and abetting criminal activity.


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