The Greece crisis explained in it's simplest form by Inez McMullan [SGB Writer]

Since 1980 Greece has received EU funds under various programs to the tune of €200 Billion equivalent to 100 percent of its GDP in 2013.

For that year total net spending in Greece financed via the EU spending [Regional Fund, Social fund and similar funds] was just above 3 percent of GDP.

Greece’s traditional rival in the region and in the Balkans is Turkey; its EU membership was used to put obstacles in the way of the endeavors to move Turkey closer to the EU even dangling the prospect of full membership as a reward for reforms.

The second one is that Greece has for decades deliberately pursued an unsustainable economy with perennial overspending compared to revenue hidden by diligent efforts to cook the books helped by some private global financial institutions; this deception of its allies, partner, and creditors was unmasked by the financial crisis.

The third one is that the main problem is not about the debt level, but turning the Greek economy into a viable and sustainable economy able to function without constant blood transfusion.

Diagnosing the economy it is not difficult to understand why Greece has never managed to build a productive base for the economy.

The geopolitical situation in the Eastern Mediterranean has changed over the last one to two years and fundamentally so to the disadvantage of Greece.

In view of the above, maybe it is in the best interest of Greece to default, thereby paving way for a more sustainable future.

*Originally written by Inez McMullan for Top Tidings