Help for indebted, not a pass
Now more than ever Greece needs a new law regulating the terms by which individuals can declare bankruptcy. Many other countries, after all, have had such laws for years. However, the populist rhetoric we have heard in the past few days from certain members of the government, rhetoric that has been abetted by much of the media, is creating the impression that people will be let off the hook completely for all and any of the debts they have accrued due to their own mismanagement. This kind of rhetoric gives rise to a dangerous mentality that could cause serious problems for the market, and may even convince some people to refuse to pay their monthly debt installments. Protecting those who are having serious problems meeting their financial responsibilities is certainly a measure that needs to be taken, but the measure should be accompanied by stringent rules and should not include those who see the state as a savior that will give them atonement when they have clearly committed serious financial sins.
