Re: Re: Official- Greek Debt worst in the World

#105117
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What an amusing spectacle. Merkle backs down whilst Sarko claims victory and a successful agreement to the Greek crisis. Creditors are to take a voluntary haircut. We wont call it a default or credit incident and Greece will get it’s bailout.

I wonder just how Sarkozy and Merkle are going to persuade their banks to take the hit without calling up their CDS hedge?

Giving Greece yet more money is completely stupid. It will not alter the fact that they are bankrupt and the position is hopeless.
Buying time is what they are doing but why? Because they will try again and again at any cost to preserve their crazy ideology of a European super state. The long tern generational damage they are causing will make Europe a basket case long after they have gone.

In the eighties Latin American countries owed so much to the US they were told by the US treasury to default and restructure. They did and turned their countries round. It was hard pounding but that’s what happens when you borrow too much.

Europe continually ‘kicks the can down the road’ and fails to deal with the inevitable. Mistakes compounding mistakes and making the problem worse.

If you want to get an alcoholic to stop drinking you don’t keep handing him a crate of booze. You get the patient into rehab and dry him out. Cold Turkey is what Greece needs nothing else.