After months of tense negotiations, the Greek government has finally agreed to terms for a second bailout package of about $A170 billion intended to prevent the country from defaulting on its loans, exiting the euro zone, and possibly triggering the disintegration of the common currency. Global financial markets have been fretting about Europe's sovereign debt crisis for months, and this deal ought to reassure them that the worst is over. However, so harsh are the conditions imposed by the European Commission, the European Central Bank, and the International Monetary Fund that few believe a disaster in Greece has been averted.
Even before the global financial crisis struck in 2008, Greece's economy was in trouble, and with the imposition of austerity measures after the first EU bailout package nearly two years ago, it has worsened markedly. Last year, its economy contracted by 5.5 per cent, and unemployment rose to nearly 21 per cent. The conditions attached to this week's bailout package (which include powers to quarantine revenue to ensure that foreign creditors are paid first) will probably exacerbate the financial pain, and could well lead to demands by the Greeks themselves to exit the euro zone.
The idea of Greece abandoning the euro would have been considered unthinkable six months ago, to Greeks and the rest of the EU alike; the former because it was a matter of national pride and the latter because it could well have triggered defaults by other highly indebted euro zone nations such as Spain and Portugal. But with Europe's major economies looking more resilient, and financial markets apparently less fearful of the repercussions, the idea of an orderly Greek default is no longer regarded as beyond the bounds of possibility. Certainly, the onset of austerity fatigue in Greece (not to mention deepening pessimism about the country's immediate economic prospects) may weaken the resolve of those who wish to stay in the euro zone.
German and French banks are heavily exposed to Greek debts and would take a sizeable hit were Greece to default. But with realisation that Greece (and Portugal) require further debt relief to get their economies back on track, support in Germany and elsewhere for handouts is dwindling too. Indeed, the tough conditions attached to this deal indicate not just growing impatience with Greece but perhaps a secret desire that the government will fall short of completing the required checklist of reforms by the end of this month. A Greek default, followed by departure from the euro zone, would be messy, but the terms of this agreement indicate that many in the EU now regard it as the lesser of two evils.
Kids' smart start
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n the complex and frequently challenging battle to reduce rates of obesity in Australia, one conclusion stands enticingly above all others: children are far more likely to be receptive to modifying their eating and exercise habits than adults, and once conditioned, to remain that way. To paraphrase the Jesuits' maxim, if the child can be taught to pay proper regard to health, fitness and well-being at the age of seven or eight, the lessons ought to last a lifetime.
It's a theory that informs SmartStart for Kids, a program promoting well-being and instilling good health behaviours and practices among primary school children in South Australia, the ACT, NSW and Queensland - with appropriate prodding from their parents and schools.
Since the program began in 1999, about 50,000 children from 90 schools have taken part. One - the Weetangera Primary School in west Belconnen - recently posted notable results after completing a seven-week program centred on fitness, flexibility and nutrition. Of the 22 students identified as needing improvement, between 17 and 20 improved their results in cardiovascular fitness, body composition and power and co-ordination. SmartStart says the ACT school is the program's most successful cohort. In the belief that fitness contributes to academic success, Weetangera also actively encourages participation in organised sport and games.
These efforts are to be applauded and encouraged. In a society where sedentary lifestyles are the norm and where junk-food advertising is a constant barrage, children are especially susceptible to developing unhealthy lifestyles. The pay-off for encouraging better behaviour (reduced demand on healthcare services in the decades to come) more than justifies early intervention.
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