Weekend Roundup
This week, while the U.S. celebrates its independence, the world watches a modern Greek tragedy unfold as Greece votes on austere bailout terms imposed by the country's creditors. However the vote goes, one thing is clear: The austerity that came with the two previous bailouts has utterly broken the Greek economy. GDP has gone down nearly 30 percent. A quarter of the country is unemployed, including half of its young people. Pensions have been slashed. The health budget has been cut by 40 percent. Suicides are up 36 percent since 2008. The Troika has authored a new Greek myth -- that you can cut your way to growth. And now they're back, demanding more of what's already shattered the economy. The question is will they shatter the spirit of the Greek people? Just as we value our independence, so do the Greeks, who, after all, invented democracy. No matter the outcome of the vote, feeling some measure of control will help keep Greece's spirit alive.
weekend roundup week  USA  celebrate independence world watch modern greek tragedy unfold greece vote austere bailout term impose country creditor vote go thing clear austerity come previous bailout utterly break greek economy gdp go nearly percent quarter country unemployed include half young people pension slash health budget cut percent suicide percent troika author new greek myth cut way growth demand shatter economy q USA ion shatter spirit greek people value independence greeks invent democracy matter outcome vote feel measure control help greece spirit alive