‘Greece is broke.’

ALEC HOGG: There's a wonderful video of David Bullard at one of the charity auctions. But right now his latest podcast - here's a little snippet.

DAVID BULLARD: As the famous song goes, "Grease is the Word". This week the economic woes of that seat of ancient civilisation hit the headlines. Put bluntly, Greece is broke. It's highly likely to default on its public debt unless a solution can be found quickly. The country has been spending money it doesn't have, and next year the public debt is set to rise to 124% of GDP, the highest in the Eurozone, which is a great pity because Greece is precisely the sort of country that nervous whiteys in South Africa dream of escaping to. They fantasise about living cheaply on idyllic islands in the Aegean, waking up to an azure blue sea every day. With the Greek government forced to reduce its indebtedness, it's a pretty safe bet that while the azure blue sea may still be there, the quality of life after the drastic cost-cutting this needs will mean that you would be just as well off in Khayelitsha. The escape options are diminishing by the day, aren't they?

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