Express Tribune Says Greece’s Crisis is Lesson for Pakistan

The financial woes of Greece are a harsh lesson for all nations and Pakistan can also benefit if it takes a few pointers. Apart from economic stability, Pakistan needs to make changes in other avenues of the society before committing itself to a sustainable growth in economic uprising.

To use Greece as an example, after intense late night meetings and a constant barrage of discussions with stakeholders, the financial managers came up with a three-pronged approach to the crisis engulfing the embattled Eurozone.

The news was met with renewed fervour in the markets with the Dow Jones 2% higher. But this is just a temporary solution. Greece, alongside Spain and Italy, now must take more serious measures to reduce the grandiose debt that has accumulated in their books.

The main issue in Greece is tax evasion. Raising revenue through taxation is of course the only viable method that must be implemented vigorously to assist Greece in its austerity programme.

What lessons can Pakistan learn from these depressing, dismal, Dickensian influenced dark days? Prior to jobs or investment opportunities, the education system needs to be drastically changed and play “catch up” with the rest of the world. Without trying to simplify the issue, it is clear that a more educated and skilled population or work-force is essential to any economic revival.

If the annual budget increased its stipend towards education and research rather than pumping up the military garrisons to full capacity, then matters might change for the better. Throwing money at the situation won’t always help though. We saw this in the last financial crisis, and we are seeing it again.

It is vital for Pakistan to take some precautionary measures to come out a stronger nation, albeit a little worse for wear from the experience. A strong education budget, effective teacher training and investment in technology will aid in the road to economic prosperity.