There seems no end to the Greek tragedy unfolding within the European Union. One year after a staggering €110-billion ($160-billion) bailout by the European Union barely saved Greece from bankruptcy, EU and IMF officials are meeting in Greece to consider another bailout in hopes of solving the ancient nation's massive debt crisis.
Last May's bailout engineered by European Union politicians was roughly €10,000 for every man, woman, and child in Greece, or approximately half of its entire gross domestic product for a year.
Opinions differ widely among nations as to which voting system is best: the American arrangement wherein two-parties are dominant or the multi-party system in Europe and so many other countries. If a country has a multi-party system, it must choose whether it will be a "first-past-the-post" method, in which the candidate with a plurality of the votes wins, or a system by which seats are apportioned according to political party slates.
The bailouts of the four "PIGS" countries (Portugal, Ireland, Greece, and Spain) continues apace within the European Union. Only days after grim news in bankrupt Greece — rising bond rates, a significantly underestimated debt-to-GDP ratio, and a looming nationwide union strike to protest "austerity" measures — Portugal has received a €78 billion loan from the EU.
The four European Union members known together as PIGS (Portugal, Ireland, Greece, and Spain) are those countries whose general irresponsibility and massive government overspending has been enough to drive down the value of the euro as the interest rates on their government bonds are pushed to unsustainable levels. Last year the financial collapses in these countries, especially Greece, caused the euro to plummet 15 percent in just the first six months of the year.