Greece

Greece sounds like Grease. Now to European Union it even stands the meaning "Anything regarded as making something unclean". It has infact been 'THE' news in Europe but for a day or two when the ejaculation of 'Ejya' - the icelandic mountain took the limelight. Thanks to Greece being very clear on making others unclear of what it intends to do on the crisis it will continue to Top the charts. Greece is literally Grease !!!

But hold on, was it supposed to be one of those countries outside European Union which was happily making progress. Wasn't it happy and slowing but surely mapping its way into prosperity with certanity. But then they where lured into the Euro world and they happily took the helping hand. Now who on this earth would deny Million Euros for 'free'- you just say 'Hail Euro'. Greece took the easy option and with tail in between the legs Hailed Euro for the prosperity and freedom it brought to them. The slow and certain progress was giving way to fast and uncertain progress, but who cared. They were getting millions of Euro's at such low interest rates that they kept on taking debts. Now that's all Greece did - as my dear friend once said "she was like a kid who was given loads of chocloate when she met her love" she just could resist the temptation.

Blame this on the European Gurus who appaling had made Greece and even some other growing economies a part of European Union. They just threw the freebies and kids happily kept asking for more. It seems a cruel Irony that lower interests rates - which helped greater borrowing, thus spreading debt crisis which was what Euro was designed for has been the root cause of this misery. Euro was intended to be a superior debt financing machine against dollar which would allow member states to compete with US for a share of the global reserve currency business. Euro was born to breach the monopoly of US to these global reserves and creating the very credit explosion that strangles it today. Euro creation thumbs up, but briniging in too many economies too fast has misfired. Greece has hit rock today, Portugal is in touching distance and Spain is not far either which on the hindsight shows a greater probation period from European Union masters would have worked better.

PS: Euro dropping from 66 to 58 against INR is something i am enjoying as a student ;) 'Hail Euro' :D