It is so sad!!!!

News. May 1 (Bloomberg) -- Greeks protested “unprecedented” budget cuts as euro-region countries and the International Monetary Fund move toward agreement on a 120 billion-euro ($159 billion) bailout package for the debt-stricken nation.

Thousands of demonstrators in Athens used the May Day holiday to call for job security and the defense of worker rights, prompting the deployment of riot police around government buildings including the finance ministry. Isolated clashes took place, some involving tear gas.

My view. You have to feel sorry for all those people who were so naive to think that they could get away with great government programs without being able to pay for them. This is an important lesson for all us, Unfortunately history suggests we fail to learn it.

The lenders, now, want to make sure they get their money back. Greece will stay alive just enough to be able to pay the interest on the loans.

They have no escape. It is time to pay the piper and there is no light at the end of the tunnel. They sun, beautiful sea, and gorgeous islands. Not much more.

Now they have to encourage foreign investors to come to Greece and entice them with great incentives. They need to put the people to work.

The financial markets are suggesting that Portugal, Spain, and Italy are next.

George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
Ranked Top Market Timer in 2009 and 2010 by Timer Digest

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