Mr Micawber... A Financial Lesson Greeks Must Learn

Greece should not be assisted unless it radically reduces government spending, including social benefits, salaries, pensions, benefits, etc.. Greeks cannot be allowed to believe that others will always bail them out no matter how irresponsible their expenditures.

The present unrest on the streets in Greece indicates, unfortunateely, that many Greeks have still to learn the elementary lesson: live within your means.. Never borrow more than you can afford applies to individuals, companies, governemts, and nations.

The lesson is not new. In 'David Copperfield' Charles Dickens used his fictional character Mr Micawber to illustrate the principle:

"Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."


A similar expression Greeks and Greek Institutions must be brought to undierstand might read: "Annual income, 10,000 euros, expenditure 9,999 euros, result happiness; annual income 10,000 euros, expenditure 10,001 euros, result misery."


Refs:
http://online.wsj.com/article/SB10001424052748703876404575200013667934980.html?mod=djemEditorialPage_h
wsj.com/article/SB10001424052702304198004575171283233672498.html#articleTabs=comments%26commentId=1080862