State of our economy

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  • Customers queue to withdraw cash from an automated teller machine (ATM) outside a Piraeus Bank SA branch in Athens, Greece.

    Customers queue to withdraw cash from an automated teller machine (ATM) outside a Piraeus Bank SA branch in Athens, Greece.

May 19, 2012

Dear Sir,

The PLP Government say they have done nothing wrong on the economy and point to Greece as an example of how a country can be badly affected by a worldwide recession. OK, Greece is not too sharp right now and for good reason. Most financial analysts point to the fact that the Greek Government was overspending for years before the worldwide recession hit, so that when income started to decline the budget deficit, the difference between income and spending, had spiralled out of control and the Government had nothing to counter the impact to help those in need. Sound familiar? Bermuda is not too sharp right now for the same reasons.

The PLP, as has been oft said, spent all of our money and then borrowed and spent other’s money like drunken sailors to leave us almost $1.4 billion in debt, which nobody seems to know how we will ever pay off, as we have to send $115,000,000 overseas every year just in annual interest charges.



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Published May 22, 2012 at 9:20 am (Updated May 22, 2012 at 9:19 am)

State of our economy

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