Greek banks are to remain closed and capital
controls will be imposed as the Government tries to put a lid on the run of the
system. A system that is cracking under the pressures of debt repayment without
the revenues to support it.
Greece has a 1.6 billion euro (US$1.8 billion)
debt due to the International Monetary Fund on Tuesday (30 June 2015) and its
bailout program expires the same day, after which it is unclear how the country
might survive financially.
The Greek Government has scheduled a referendum
to get the populations answer to the question of whether to accept proposed
reforms needed to get bailout loans from other euro-zone countries and the IMF.
Proposals…the government wants to reject.
The rich countries in the euro-zone, led by Germany,
is pressing Greece to accept the proposals and implement the reforms being
demanded. Bitter medicine the Greeks seem very reluctant to swallow.
So, we in Jamaica should want to recall the
events of the 1990’s and the period since. We should also take a deep look at
what is being called “The Greece Crisis” and then consider seriously the kind
of Jamaica we want to leave for you children.
