Be careful out there, folks. The Greeks can borrow again.
Greece has successfully completed a three-year eurozone emergency loan programme worth €61.9bn (£55bn; $70.8bn) to tackle its debt crisis.
It was part of the biggest bailout in global financial history, totalling some €289bn, which will take the country decades to repay.
Deeply unpopular cuts to public spending, a condition of the bailout, are set to continue.
But for the first time in eight years, Greece can borrow at market rates.
The economy has grown slowly in recent years and is still 25% smaller than when the crisis began.
While Greece’s economy has stabilised, its accumulated debt pile stands at about 180% of GDP.
As an American in a country with a $21 trillion national debt, I should really resist the urge to cast stones. Glass houses and whatnot.
As a side note in relation to the post below about the upcoming school referendum in West Bend, the district currently spends about $70.5 million per year from the general fund and another $26.5 million per year from other funds. Total, that’s about $97 million per year. If we equate the school spending budget (economic output) to GDP, then the current debt load for the district is about 134% of annual budget. If the referendum passes, the total debt load for the district will be about 222% of annual budget. Smart? No.