Thursday, June 21, 2012
If you've ever dreamt of retiring on a Greek island then there may well be that opportunity for dirt cheap if the world markets play out as I suspect they might.
There has been MUCH news lately about the European debt crisis and more specifically the Greek financial problems. The Greeks like many other warm nations have a much more relaxed outlook on life as they don't have to work hard to afford things like HEAT. Something we really can't do without up here in Canada. (My theory is that the further north you go, the more industrious/laborious you MUST be to stay alive. Necessity is the mother of all invention.) Plus, it's just do damn hot most of the year to actually work hard anyway.
The world markets are going to continue to be rough so long as Greece continues to be a member of the euro-zone. They will no doubt continue to need bailouts. The EU will eventually get tired of this and force them to do something. Either DRACONIAN austerity or worse: OUT of the Euro (back to the drachma) and that while isn't a huge deal for us here in Canada, it will through the markets into a big panic. And will no doubt bounce back quickly once they are out on their own.
However, Greece still might yet turn this around. The population would have to actually start paying income taxes as they have a huge "culture" of avoiding them.
If Greece can't get their act together and do get kicked out there will be a brutally violent round of protests from the Greek people. It might last for weeks or months until they realize, just like any other maxed out credit-card shopper they eventually have to pay the piper.
Potential: buy some greek properties AFTER they get kicked out. (If/when they get kicked out) However this might be a longer time-frame then you would like... I'm guessing it would take them 10-15 years to get their act together if they get forced out. The values of properties would be very very low for the first 7-12 of those years. But heck, living on a Greek island wouldn't be a bad way to retire.