Nations in Distress

My Way News - Greece strikes deal with creditors, avoids chaotic euro exit
My Way News reports: "After grueling, often angry negotiations that tested the limits of European unity, Greece struck a preliminary rescue deal with its creditors Monday that should avert an imminent financial catastrophe but also guarantees years more hardship and sacrifice for its people."

Comment: The sad reality is, the turmoil is not over. European-style austerity looks good on paper and it does help improve national accounts, but it kills economic momentum. People without money can't pay more taxes and or buy goods that have higher sales taxes. As for business expansion and hiring new workers, forget it.  Austerity only works if the car is accelerating, but if it's merely idling, it will stall.  This was a rescue package for the creditors, not the borrowers.