Greece Selling Islands to Cope with Debt

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Ben Cohen
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The desperate economic situation in Greece is leading to some rather unfortunate measures being taken by the Greek government (from the Guardian):

Greece is making it easier for the rich
and famous to fulfill their dreams by preparing to sell, or offering
long-term leases on, some of its 6,000 sun-kissed islands in a desperate
attempt to repay its mountainous debts.

The Guardian has learned
that an area in Mykonos, one of Greece's top tourist destinations, is
one of the sites for sale. The area is one-third owned by the
government, which is looking for a buyer willing to inject capital and
develop a luxury tourism complex, according to a source close to the
negotiations.

Potential investors, who are also looking at
property investments in the isle of Rhodes, are mostly Russian and
Chinese.

It is unfortunate that the rich stand to make enormous gains from the economic crisis - a lesson in the cruelty of market capitalism. The poor suffer when the rich screw up, then suffer again when the rich swoop in to take advantage of crashing prices.