Proof that welfare does not work. Greece was a true welfare/socialistic state, giving every conceivable benefit to its citizens, and when they finally figured out that they had not money to continue to do this, they did what any good welfare state would do, they asked for welfare from the world… And they got it… Shockingly (NOT!) they could not repay the “loan”…
Detroit, my home town, is another perfect example of this…. And soon, the United States will become a Greece, a welfare state seeking global welfare…
At 6:00pm Eastern Standard Time, Greece failed to make a $1.7 billion dollar payment to the IMF, placing the country officially in default.
The default, which Greece had warned would happen, is the first by an advanced economy in the fund’s seven-decade history, as well as the largest single overdue payment.
The default has put the new Athens government on a par with a small group of mostly conflict-ravaged debtors that have stiffed the IMF—a short list that includes Afghanistan’s Taliban and coup-stricken Haiti. Zimbabwe strongman Robert Mugabe was the last major default to the emergency lender, in 2001.
via Greece Officially in Default; Misses $1.7 IMF Payment – The Pappas Post.