Greece was the first in the news. Promises made that could not be kept. Pensions for retirees that had no consistent funding at current income capabilities.
Then we here how the City of Detroit files for bankruptcy and one of the largest bills to pay are pensions. Again, lack of a consistent funding source.
The Ukraine is now facing the same demise. What all three have in common is a commitment to expenses that were put into the future and the resources of the future do not exist. All three have experienced a reduction in population. Detroit because half the town moved out. The other two because of a low birth rate.
The Ukraine has gone to the IMF and asked to have loans restructured. The IMF does not do that as a rule. The get a large amount of their gas from Russia. Russia is on a move to try to become the Soviet Union again. Russia seems to be holding that over their heads.
It seems that a majority of the Ukraine wants to become part of the European Union. But there are worries about how they will pay their bills. Again, a restructuring. Futures have done another in potentially.
I hope that our politicians in both Illinois and the Federal level see this and mend their ways. Don't spend money you do not have. Do not borrow unreasonably against the future. Don't expect the government do do things that do not have a solid future.
Let's get the Ukraine figured out without the threat of Russia becoming larger. The Ukraine are a good people that need to have new guidance. It seems they also need to have a population explosion to create some new economic activity to help pay their bills.