Wednesday, July 1, 2015

When a default is not quite a default

I have been watching the news and the reporting on Greece's situation - at the moment the highlight is on it now officially being in arrears with its debt payments to it creditors. It is amusing to see the euphemism being applied to what is effectively a 'failure to pay' its debts being referred to as 'in arrears'.  Of course it is a very neat euphemism for 'in default' for the very first developed country to default on its debt payments. So now we wait for Sunday's referendum when the Greek's will decide whether they proceed with more austerity and more money from the troika, or take a path less traveled in voting against the lenders' austerity measures to easing the Eurozone's financial woes.

No comments:

Post a Comment