I could not help overlapping the situation of Greece to our country. Of course, the creditors for Greek are foreign banks while ours are mainly the domestic ones. The finance of our government is even worse and the government won't stop wasting the budget. They say we have the productive industries in our country in contrast to Greece. But the debt is far beyond the size of GDP. The situations are not essentially different in both countries.
If the market judges the debt of our government goes beyond a limit and the BOJ loses credit in the market, there will be almost the same situation as in Greek now. It won't result in a total collapse in economy in our country. But we should go through very hard time of inflation for years.
Why has the Greek refused the retrenchment policy? Do they see what they will experience in the near future? Hopefully, Japanese are aware of this crisis comparable to that in Greece. We should be ready for the hard time upcoming soon. We should not be mere lookers-on of the crisis.