Bankruptcy Work for Those Can Say NO to Debt

[bigturtle]

Why people hold out rather than declare bankrupt? In my humble view, they worry that they can borrow no more to maintain their standard of living. If a person cannot change his/her spending habit, declaring bankrupt put him/her into deeper troubles – now no $ and no one bother to lend.

Greek government runs a primary deficit which means even if all debt service is removed, Greek government still has deficit. If Greek government elected by people say NO to austerity, they need to figure a way to earn money through their hard labor. How can a nation with so many people vote and expect others pay for their universities, civil servants, …

Greek is not Iceland. If it wants to say no to EU bailout, ironically, it needs to take self-imposed austerity to cut down non prodsuctive (despite politically correct) sector dependency in the country.

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