Greece’s problems did not begin in its recent history, but rather over a number of years, beginning with its ancient history. Greece has always been dependent on income from its agricultural activities, being well-known for its olive and olive oil production. Unfortunately, it has been very reluctant to produce new and improved tools for growing and cultivating the crops. For example, in the 1820’s, Greece was still using farming tools which dated back two thousand years!
When businesses fail to upgrade their industrial tools and products, they lag behind other countries and businesses which are producing and marketing the same products with new and improved tools. This results in more earnings for the countries which are more up-to-date. We have seen this happen in the United States with Borders Bookstore, which refused to market e-books and Polaroid Corporation, which refused to produce a digital camera.
Despite the lack of progress in upgrading tools, Greece has always paid better than average wages for the work which they did. If a country is not producing because of its failure to upgrade its manufacturing tools, the country will lose money because other countries are more efficient in producing goods. Instead of using money to upgrade tools and products, Greece gave workers a better than average salary, which caused financial problems for the country.
Unfortunately, Greece’s problems stem from an inability to properly manage its revenue. Unlike the United States, the bankers are not knowledgeable about managing money. The early settlers of the United States learned how to manage money according to Biblical principles, enabling it to prosper and the nation’s money handlers are still following these principles which are based on the Bible. Accordingly, one per cent of the population in the United States has control of fifty-four percent of the wealth, which helps the United States to remain prosperous.
The situation in the United States is not an ideal situation, as more of the population should have more control of the wealth. There is clearly a need for education on how to manage money properly. Because of the many people in the United States who do not manage their money properly, they become victims of unfair fees and charges on their banking accounts. The poor end up paying exorbitant fees while the rich do not pay banking fees.
During the economic crisis of 2008 in the United States, the banks, insurance companies, and automobile industry had to request a bailout to alleviate their financial woes, while Greece had to request assistance from the European Union. There is clearly a difference between the abilities of the two countries to manage their finances.
In conclusion, countries must adopt sound financial principles for managing their money in order to prevent an economic crisis which could affect other countries which depend on their resources.