Jim, et al:
I recently read an enlightening ABC Australia news article: Greek Crisis – Migrants getting the blame. Surprise surprise – the social experiment of open borders and monetary union is not working so well in Greece !
Greece has a population of 11million apparently and there are 1 million illegal immigrants and free loaders. Combine this with a retirement age of 45 there is little wonder the country is in the poo.
Being an accountant, I did a few quick calculations. Assuming that the population was spread evenly to an average death age of 80 (which it is not) I calculate that there are possibly a maximum of 4,125,000 in the working age from 16 to 45. Now half of these are disabled, or women who may get married and raise a family so that halves the pool to 2,062,500. Then probably one-third of these are public servants/bureaucrats so that reduces the pool by another third to 1,375,000 of productive workers who pay taxes and produce goods and services that the rest of the economy needs. This means that a maximum of 12.5% of the population is supporting the rest. Oh and I forgot unemployment – say if there is 20% unemployment that drops the pool down to 1,100,000. – Which is surprise, surprise 10%! What a weight the Greek Atlas has to hold: 10% of the population supporting the other 90% on their shoulders!
And the best the bureaucrats and bankers can do is pile yet more and more debt on the shoulders of the 10% just to pay the interest of the billions of dollars in loans that already exist. I think that we can safely conclude that Greece is stuffed (that is technical economic terminology used in Australia!)
Yours Sincerely, – W.J. in Oz
Jim, et al: