Postal chief: If we do nothing, we're Greece

The head of the U.S. Postal Service said Tuesday that if the service doesn't cut costs and Congress fails to act, it's going to be in the same dire straits as Greece.
Postmaster General Patrick Donahoe drew chuckles from a group of postal policy conference attendees by comparing the beleaguered, indebted Postal Service to the beleaguered, indebted nation.
He said that Greece's ratio of debt compared to gross domestic product is 1.61 and the U.S. Postal Service's ratio of debt compared to revenue is 1.51.
Donahoe clarified later that he was sincere in the comparison, except he didn't think the U.S. Postal Service is on the verge of default or a bailout.
"But, it's true," said Donahoe, speaking with reporters at a postal policy forum called Postal Vision 2020. "Unfortunately, if we don't do something we will look like that."
He added that the U.S. Postal Service's cost-cutting plan, and legislation passed by the House and Senate, would prevent the Postal Service from having "to go down that path."

Read more: http://money.cnn.com/2012/06/12/news/economy/postal-service/index.htm?iid=HP_LN