It pains me a lot to observe the developments and economic crisis in Greece! Of all places Greece! A country known for the historic civilization, thinkers, philosophers and wise people!The globalization can bring the countries with short-term vision, on the brink of bankruptcy and economic crisis; as we have seen in Greece.There will be bailout for sure; but the fundamental economic development and policies must bolster the countries to have sustainable national economy; by the side of the integration with the globalized economy.
There are no magic wands available to have such policies; yet the medium to long term policies of political economy must address the unforeseen concerns and provide for tackling of the worst case scenario. The fall back options and Plan-B must have the alternative solutions to the sudden shocks in the economy and harmony.
I do hope that the problems will be sorted out soon; else, it may have the demonstration and multiplier effects!
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