Thousands of members of the Communist Party unions and other leftist organizations marched in Athens to demand that the Greek government respects the recent bailout referendum results and does not impose any austerity measures.
Greece Disaster Shows Unavoidable Consequences of Socialism
By Heritage Foundation Stephen Moore——Bio and Archives--July 13, 2015
The Greek citizens have rolled the dice and voted overwhelmingly to reject the “austerity” referendum. This was a way for voters to stick a finger in the eye of their creditors. The left around the world has responded to the vote with thunderous applause—and is selling the results as a vote for “the little guy.”
The Greeks believed that voting against the debt restructuring plan would give them more leverage with the banks, the IMF and the EU. But what happens now in Greece? The banks are shutting down this week. Withdrawals from bank accounts are being tightly restricted.
Greece is formally in default on its loans and in the weeks ahead as more IMF and EU loans come due, Greece is about to slide into fiscal oblivion. This is the natural and unavoidable consequence of socialism everywhere it has been tried.
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