Greece Selling Islands to Cope with Debt

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.

Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.