A series of public decisions, driven by misguided management practices and ideological principles that backfired, converged during the past 20 months to poison the city’s drinking water and cause one of the most severe public health threats in the United States. The extent of the risk to Flint’s residents is not clear.
If they had truly cared, the creditors could have easily prevented a default. Sadly, they found it more important to punish Greece and set an example.
The noose around Greece’s neck is this: the ECB will not accept Greek bonds as collateral for the central bank liquidity all banks need, until the new Syriza government accepts the very stringent austerity program imposed by the troika (the EU Commission, ECB and IMF).
In an inscrutable move that has alarmed state treasurers, the Federal Reserve, along with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, just changed the liquidity requirements for the nation’s largest banks.
While austerity measures are now an everyday reality for most Greeks, for an increasing number of people resourcefulness, problem solving and action have replaced anger and frustration.