Is India alert to the message that is being beamed from Greece?
“The sovereign debt crisis that engulfed Greece early this year was in no way the fault of its people, not certainly the struggling middle and working classes. A bunch of fly-by-night industrial pretenders, who included some foreign adventurers as well, inveigled the country’s government to advance funds for their high sounding projects. …… a large number of these projects flopped; the loans advanced to them by the government became unredeemable.”
“The EU and the ECB agreed last May on a bail out package of 110 billion euros for Greece, but would release it in instalments and on the most stringent conditions, which breathed the dictum that the poor must pay for the sins of rich industrial adventures and unscrupulous speculators: the State’s budget must be cut back through ruthless slashing of public spending, there would have to be lay-offs, reduction in wages, lowering of social security benefits, severe curtailment in health and educational services and no coddling of public enterprises.”
-------------------------------------------------------------------------------------
Pretender = a person who claims a right to a title or position
Inveigle = persuade by trickery or flattery
Coddle = treat in an overprotective way
------------------------------------------------------------------------------------
This is an extract from the article
Published in - The Telegraph
On - November 18, 2011
Written By - Shri Ashok Mitra
