Mass Transit In Greece Free This Week Due To Economic Crisis
Some transit authorities offer free service to encourage ridership. Greece is offering free service this week because no one has money.
As a result of Greece’s banks shutting their doors and ATMs for the entire week in order to prevent potential bank runs at the expense of their customers — in turn the result of the failing bailout of the nation’s economy — transportation minister Christos Spirtzis declared transit service in Athens would be free to all until next week, Business Insider says.
The move would affect only those in the greater Athens metro area, where 40 percent of the nation’s population call home; the next-largest city, Thessaloniki, can’t waive its fares because its system isn’t fully run by the Grecian government. Meanwhile, Greece stands to lose €4 million ($4.44 million USD) as a result of the declaration; typical fares are around €1.20 ($1.33).
(Photo credit: hans-johnson/ Flickr/ CC BY-ND 2.0)
Seattle-based writer, blogger, and photographer for many a publication. Born in Louisville. Raised in Kansas. Where I lay my head is home.
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Greece , made their bed, now lie in it. . I'm seeing my blue chip shares taking a bath today . My financial guy says "ride it out". I understand squat , when it comes to international finance. As matter fact , I don't understand a whole lot about long term investments , period. I'm comfortable with a 3 -5 percent return . That's why a pay somebody to do it for me. I can bring my portfolio up on line, and I find today rather scary. I also have figured out that if I make 10 dollars , and spend 15..... There will come a day of reckoning . Why can't Greece , grasp this concept ?
Stupid question: What happens when Greece defaults and the people owed don't get paid? Don't those who own the debt need to pay someone for their debts? Poorly worded but you get the point.
I posted this on Facebook yesterday evening, and given what's been mentioned here I'll post it here at TTAC. Four lessons we can learn from Greece. 1) You can't 'elect' money if your creditors aren't willing to give it to you anymore. 2) Most governments are voracious destroyers of the lesser wealth owned by the many, and the strongest protectors of the greater wealth owned by the few. 3) Humanitarian aid for Greece will be far more helpful than financial aid over the next year. A lot of good people are going to get seriously hurt and unfortunately, the clown who now runs the place won't be among them. 4) Greece would be far better off splitting into separate countries and abandoning the crippling legacy that is modern Greek governance. As far fetched as this seems now, it may be worth remembering that city-states ruled Greece for a far longer period of time than the current republic.
Here is a list of places that offer free public transit. They view transit as a public good akin to police, EMS, fire parks and roadways. http://freepublictransit.org/Success_Stories.php Another way is to implement congestion or value pricing. http://www.nnyn.org/updates.html