Tuesday, May 26, 2015

Greece is nearly bankrupt

With Money Drying Up, Greece Is All but Bankrupt

This is a very dangerous situation, in this observer's opinion. 

If Greece exits from the Euro, which now appears to be only a matter of time and perhaps not very much time, it is widely predicted in economic circles that the drachma would rapidly depreciate in value vs. the Euro making imported commodities and goods extremely expensive for Greek citizens.

That would exacerbate an already unsatisfactory cultural heritage management situation, making it more and more difficult for those in charge of the nation's monuments and antiquities to live on their salaries and perhaps preventing recruitment of additional personnel.

Meanwhile the far-reaching effects of inflation in the Greek economy are likely to create very strong incentives for illicit excavation of, and trafficking in, antiquities whose relative value would greatly increase in the drachma economy. 


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