On July 6, Mises.org published another article on the Greek crisis, this time suggesting how the taxpayers of the country are heading towards what they termed “Debt Slavery”. The idea stems from the actions that the Greek government and the IMF have taken by “kicking the can down the road”.
The IMF referred to the Greek default as “in arrears”, instead of calling it what it really is when they missed their payment on their debt. This is just another political ploy that does not address the problem for what it is. Additionally, the Greek government continues to dangerously ignore the plain facts of their crisis, as banks continue to close and depositors are unable to gain access to all of their money. These are just some of the consequences to their reckless actions.
But, after all of these decisions are made and more debt is incurred, the future taxpayers are left “on the hook” for their irrational actions. And as it now stands, Greece owes the ECB more money than the entire deposits of the Greek banking system. You can see how this is going to turn out and how this is becoming a generational problem. A problem that will enslave future generations into a debt trap that they had no part in. The Greek citizens today are claiming theirs now, and leaving it to the future generations figure out the solutions.
Read the Mises Daily article: Greek Taxpayers Facing a Future of Debt Slavery