The ‘Black Monday’ that hit Greece is a damning indictment of the state of affairs of the Greek economy. That the financial markets stuttered and stumbled across the globe is an indication of worse things to come.
With Greece deciding to shut its banks a day before Athens appeared to be heading towards a default on the 1.6 billion Euro loan taken from the International Monetary Fund it is clear that its economy is falling apart. It would need more than a miracle and an extraordinary effort on the part of Greece to extricate itself out of this mess it has gotten into.
N J Ravi Chander, Bengaluru
