- Over the past few decades too much has been provided by their government to the people.
- The average retirement age is in the early 60's, and some females can retire at 43.
- The unemployment rate is 26%.
- Public debt as % of GDP is approaching 180%, compared to 110% in Iceland (which already went bankrupt in 2008), 32% in China and 73% in the USA. Japan is at 226%, but most of the debt is to its citizens.
- Here is the situation:
- The European Union has offered additional aid for Greece to remain in the Euro system, but wants significant socialism cuts.
- Why bother? A defaulted Greece would be worse than one that keeps asking for aid.
- The Greek government is liberal and doesn't want to take those steps.
- There will be national vote on Sunday to remain in the EU, where YES would mean pension cuts, strict economic reforms and austere lifestyles for many years.
- If the people vote YES, the government will resign.
- What will happen? I don't know, but with Spain, Italy and Portugal on near life support, and France stagnating, the future looks gloomy.
- It's worse in Swaziland.
Holy Cow, there are now 4 ocean storms in the Pacific. The most dangerous is Typhoon Chan-hom, now at 75 MPH, but on track to strike Guam, become a Category 3 and threaten Okinawa:
Also just appearing east of the Philippines is Tropical Storm Linfa:
Computer models show Linfa become a typhoon, just skirting the northern Philippines and heading towards Taiwan.
Still just a depression, one projection shows this anomaly to glide over Hawaii: