It seems Greek politicians have at last got their act together to the austerity measures necessary to please Germany and the rest of the EU to get their next round of bailout money.

Markets seem happy even if the Greek public isn’t. And who can blame them.

A lot of the problems in Greece have been caused by massive tax avoidance by the general public, rampant corruption and a welfare system which is far too generous.

They had to tighten their belts to survive.

But the average Greek has already been through 2 years of severe recession, bordering on a Depression, and they are naturally disheartened because there seems no end in sight.

Our fear is that severe austerity measures will be adopted in other European countries which are in much better shape than Greece. If severe financial austerity becomes contagious then there is little hope of those countries growing out of their problems.

The answer to a depressed economy is to stimulate it and grow it so that debts are paid down by prosperity.

It is a major balancing act.

Family debt delinquency is not only a financial disaster but also an emotional one as well. It’s on the rise and tearing so many Australian families apart.

Being part of a family brings with it the responsibility of helping each other. But when that help becomes financial the risks can be potentially devastating.

Banks are tightening their lending criteria and getting tougher with credit. As a result many borrowers are turning to friends and relatives for funding everything from a business to a home, car and travel.

Their called intra-family or intra-friend loans. It’s nice to help but not so nice when things go wrong.

We know of a number of cases, just in our circle of friends, where baby boomers have lost their entire superannuation nest egg from lending money to a relative’s dodgy business venture. Their retirement is ruined and their relationship with family destroyed.

It may sound harsh, but if you’re approached by family or friends for a loan our advice is to say “no”.

It’s better that they think you’re stingy than get into a position where you lose the money and a relationship is damaged forever.

Soften the blow by advising them on how to raise the money from another lender. Help them with their application or with the business plan to be put to a financier. Maybe organise for them to see your accountant or financial planner for some independent advice and maybe offer to pay for the appointment.

The days of banks hosing money at anyone who walked in the door are long gone. Lending criteria has been tightened and you need to seriously woo your bank manager if you want a loan.

It’s a return to the days where you have to convince the bank manager that you can repay the loan and you’ll be a good customer. No more low-doc loans lying about your income, no more hiding the children and the credit cards.

Banks are now fixated on their “Capacity Test” and a customer’s ability to tick all the requirements.

Not only do new borrowers need to be aware of the change in rules but existing borrowers need to be wary of refinancing because they may not be able to borrow as much as they did in the past. It may be easier to stick with your existing lender rather than risk being knocked back under new rules.

One bank manager said to us long standing good customers have to furnish everything from Foxtel statements to tax returns in order to secure a new line of credit.

“It’s embarrassing but bank credit departments have all the power.”

In the new banking world the general rule of thumb is an average single income coupled with a credit card will be able to borrow four times their gross income. Most banks, for example, will now lend up to 80-85 per cent of the value of a property but they’ll expect a 10-15 per cent deposit.

Going on a big family holiday can cause excitement for some, and dread for others. While the parents are ecstatic to finally get some time off work, and enjoy the R&R their hard earned money has gotten them, the kids don't often share this enthusiasm.

See there's this syndrome that many dads suffer from as soon as they tighten up those roof straps, whip out those boardies, or god forbid learn how to turn on their new digital camera - it's called Clark Griswald syndrome. If any of you haven't seen any of the many National Lampoons movies then stop right here, and go and educate yourself with some great 90s cinema.

I'm as guilty of it as the next over-excited let's-make-the-most-of-this-trip dad, dragging his kids into every embarassing photo next to a London beef eater or pretending to do the hula. I even have a t-shirt given to me by my kids with 'Clark' in big red letters across the back...

Now thanks to the blog Dads On Vacation, there's a vast array of embarrassing dads doing embarrassing things while on holiday, for your viewing pleasure. Posts are by submission only, so if you've got a cracker Clark Griswald moment of yourself or your dad, share it on and make those dads and mortified kids alike not feel so alone.

Enjoy the LOL and happy Friday!