Greece has defaulted on one of its many liabilities to its creditors by missing a €1.5 billion of its debt to the IMF. The Greek economy has already taken quite a toll, falling into depression. Greece’s economy has contracted by a quarter since the start of the crisis, and its unemployment rate is sitting over 25%.
You may be wondering why we should care.
Europe is a long ways away. Venezuela and Greece are far from intertwined, in either trade or in finance. And while both countries have many differences to point out, but the truth of the matter is that the depression facing the Greeks right now may well be a testament of our near future.
Both of these countries are struggling to make ends meet with their creditors. Greece lacks oil, its own currency, and perhaps a credible commitment to restore its way to fiscal…
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