Commentary: Avoiding European debt crisis means taking both feet out of the past
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The global economy is in for a rough ride, markets are down, Greece is on the verge of default and yet there is a strong resistance to making changes in that country. Take the rioting in downtown Athens by public servants. They’re against proposed austerity measures. I get that jobs and the current way of living are at stake, but now is not the time to be selfish or dwell in the past, because what happened in the past will not work for today. The crisis calls for a completely new way of thinking. It’s obvious to our leaders here, from Stephen Harper and Bank of Canada Governor Mark Carney that if some hard decisions are not made and made quickly the possibility of a second global recession is that much closer to reality.
Here in North America, we’ve had to tighten our belts. Maybe not eat out as much, cut back on the perks we allow ourselves, pay more for food and gas and the like. But I think the real lesson of the past three years is that people must rely on themselves to help with their savings. No one is going to save money for you and really to expect that across the board is quickly becoming a thing of history.
What’s going to get the world out this crisis is not simply pumping more money into Greece and Italy. There needs to be caveats on that money, ones that are strictly enforced, and a new policy book needs to be written without a foot in the past.
To me it’s elementary … I’m Sandra Watson.
