(This commentary first appeared in TOP-Ed.) World events sometimes display an odd connection. On June 30th, in a closely watched vote, the Greek Parliament approved a package of financial stability measures while angry protestors clashed with police in the streets. The vote stabilized Greece’s finances, reassured its creditors and calmed nervous investors worldwide. For years, the Greeks rang up outrageous debts. Their tax system was broken and they couldn’t offset lavish spending on public sector pensions and benefits. At all levels, from the average household to the national government, the country had lived far beyond its means. When the world economy went south, Greece was forced to seek a massive bailout from the World Bank and its European neighbors. Sadly, in good times, the Greeks failed to focus on their long-term economic … Read entire article »