Greeks Say “I Don’t Pay”

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Published
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Invalid Image
CNBC points out that polls in Greece show an increase in an “I Don’t Pay” movement.

Greek citizens cannot do much anytime soon about government expenditure cuts. They may eventually vote out the ruling party as the Irish did. Greeks have decided the best form of resistance to austerity is that they will not pay their taxes in greater and greater numbers. Another sign of their discontent is that Greeks do not want to pay tolls on their highway system. That means they either won’t drive or will drive through toll points much as hooligans jump subway gates in New York City

The reaction in European nations which need budget cuts and bailouts has taken two paths. One is to remove politicians who favor austerity. Another is a form of civil disobedience. Both roads come to the same place. The money that the IMF and EU have put into these nations in the form of debt is at greater risk. Austerity may be rejected altogether. People in these countries believe they are entitled to the lives they have had all along.

The situation in the US, as it moves toward a modest austerity program of its own, is not entirely different from the ones in Ireland and Greece. A recent Wall Street Journal poll reports that American are against cuts in Social Security by a large margin. Taxpayers have put money into the fund as they were forced to by law. They expect the returns that they were promised. Those returns may be even more important than they were a decade ago. Many older Americans have not saved enough money to cover retirement expenses.

Austerity has taken hold across much of the world as the only reasonable way to address deficits and eventually bring down national debts. The one thing governments did not count on was an outright rejection of the plans by their own citizens.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

Featured Reads

Our top personal finance-related articles today. Your wallet will thank you later.

Continue Reading

Top Gaining Stocks

AKAM Vol: 21,556,944
MU Vol: 65,135,624
INTC Vol: 227,504,426
MNST Vol: 15,284,847
DELL Vol: 12,167,525

Top Losing Stocks

MSI Vol: 3,101,643
EXPE Vol: 4,189,786
CTRA Vol: 73,319,495