Showing posts with label Greece. Show all posts
Showing posts with label Greece. Show all posts

Sunday, November 27, 2011

World countries and their debt...

Preface
The locations of Italy and Greece, referenced in my notes below, are shown here







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I recently ran into the following graph on the BBC news website. Click on the image (or link) below to read the short interactive article that clearly and concisely illustrates the basics behind the current debt problem of Greece and Italy along with other European countries, Japan and the United States.















It would surely be interesting to see such a graph for developing countries, so I did some research. While I could not locate one, I did find out some interesting information. See the links at the end of this post, if you want to read more about it.
Reading about the debt crisis currently faced by so many nations brought about some questions that are not easy to answer, like:
Why are so many European countries that have been considered wealthy for a long time in such financial strain?
What are the causes of debt of the developing countries? What can be done to relieve their debt which often cripples their ability to improve their economy?
Why is there more concern about rescuing the economy of Greece and Italy than that of Somalia, for example?

While there is debate about the reasons as to why so many developing countries are buried under the weight of foreign debt, here are a few causes to consider:
Legacy of colonialism, debt accumulated during periods of war and political instability after their independence from their original colonial power, lack of natural and human resources (often a result of colonialism as well), lack of education, nutrition and infrastructure as a result of years of civil war.
Whatever the reason(s), I think it is hard to argue that the attention currently given to struggling developed countries versus struggling developing countries is very different.

A thought came to mind. All of us have been given a second chance at one point or another during our lifetime: maybe we did something wrong as a child, or at work or we may have hurt our spouse, and have been forgiven...
Shouldn't we give a second change to others as well?
If so, how can we relieve the pain of those struggling nearby or far away?

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For more in depth analysis, see for example: