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28 January 2016

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The financial factors are in fact very similar to the Greek situation.

The Greek government was deluded into taking out loans to pay for all the benefits of a handout society. They were allowed to take out loans greater than their country could repay due to their being an EU country.

The Greek people were happy to go along with this situation as it was great not to have to pay for the lifestyle they had become accustomed to. Inevitably, the crunch had to come and it did on the very people who allowed it to happen. That's the Greek people who allowed their government to make bad decisions while they enjoyed the benefits of a false economy.

I see yesterday that the Opposition leader Don Polye has issued a stern warning about the PNG economy. Mt Polye is trying to warn the PNG people about just such a problem as occurred in Greece and some other EU countries.

PNG has put many of their national budgetary revenue eggs into one basket called LNG. When the person holding that basket trips and the price goes down, as it has, you end up with an inevitable financial problem.

The real difference as many have pointed out, is that the vast majority of rural PNG people have not had their lifestyles artificially inflated but only their expectations.

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