Friday, February 24, 2012

To the indebted nations of Europe

http://www2.chinadaily.com.cn/opinion/2012-02/23/content_14672918.htm


"To be frank, some of us don't understand why the rich are holding out their hands to the poor and asking for money. For common Chinese people, the wealth of your nations is unimaginable. The average monthly income of your citizens - at around $4,000 in countries such as Germany and Belgium - is 12 times that of the average Chinese citizen. The Chinese workers in the factories in coastal cities have to work 12 hours or longer each day with basically no days off, while workers in France enjoy two months of paid vacation, national holidays and regional festivals each year. If we can save 50 percent of our earnings, surely it should be possible for you to save just 1 percent of yours.

The cause of the crisis is simple: You have spent more than you earned. If we are injecting our hard-earned money into Greek, Irish, Portuguese or Italian government bonds, you should show the political resolve to clean up your own backyard. You have to stop bickering and dragging your feet over the urgently needed austerity measures. It is time to roll up your sleeves and get the job done."

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