Not all economies can get a Greek bailout

The financial collapse of Greece, which is sending shock waves around the world, should steel the resolve of Hong Kong people to uphold their traditional economic policy of keeping the government small.

Flaunting the fiscal discipline required of a euro member, the Greek government had piled up a debt higher than the country could afford to fund its spending binge. Now, the country is being called to account for its past excesses.

The Greek debacle has sounded the alarm bells for many economies, big and small, which have been spending beyond their means. Although Hong Kong is not one of them, we should be more vigilant in resisting the mounting demand for government handouts championed by ambitious politicians and social activists.