Greece has a problem that it needs to face up to. It over-spent badly, and is now in a state of disrepair. The public and government keep rejecting austerity measures designed to get the country back on some form of financial footing however. The country is in ruins. Credit rating agencies keep plunging the value of their debt, the economy is on it’s backside, there are daily strikes and the country needs hundreds of billions on Euros extra to help keep it afloat.

The country is in a right mess. Plunging IMF and Eurozone funds into the country to help pay it’s debts won’t work a second time round if it didn’t the first time. Their trouble are too deep. So what should they do? Well Boris Johnson had the right idea yesterday, Greece should just default on it’s debts, it will probably cost us less than the bailouts did, and leave the Euro and start again.

If a person were in such a mire, the banks would just declare you insolvent and make you start again. For Greece, and the rest of Europe (including the UK) to have been this reckless with such colossal overspending, you have to wonder how qualified our most ‘qualified’ people were when crafting these plans. 

On Tuesday, Greece is due to vote on whether to pass the proposed austerity measures. The likelihood is that they won’t. And if they don’t, they don’t deserve to be bailed out. They should face up to the oncoming situation, default and leave the Euro. That way they can go back to their own currency so that they can be more competitive within Europe. The quicker they do this the less long term harm they will do to the stock and pensions markets by not dragging this out.