Saturday, September 28, 2013

"Greece is determined to avoid another international bail-out even though it faces a gaping hole in its public finances, the country's deputy prime minister has said". May I suggest pollyfilla or Red Devil or a good quality expanding foam. If none of this works then try Germany. Oh! BTW he takes up two seats when he is flying business class if he slimmed down he could reduce the cost to the state by 50%. What he surely means is an "adjustment", as the EU likes to call it, the latest of which, in November last year, involved the extension of the maturities of the bilateral and EFSF loans by 15 years and a deferral of interest payments of Greece on EFSF loans by 10 years. "Our demand is not debt relief. It is additional reprofiling without problem, without additional burden for our institutional partners," he added. "It is not possible to implement new fiscal measures. It is not possible to impose new cuts on wages and pensions," he said. If that isn't a clear indication that Greece is in the wrong currency I don't know what is.  I think the Eurozone needs to get on with its "re-profiling" because if Venizelos thinks there is a magic money tree that will allow him to keep paying his public sector friends their guaranteed hard currency (Euro) salaries he is in for a rude awakening. The Euro money tree is looking more stressed by the day, and Greece will take another bail out because they have no other option. If the Euro crisis is not dealt with meaningfully the Euro will crash. German hyperinflation awaits if this carries on, get your barrows ready. Clearly Greece is still unable to repay their Eurozone Payday Loans on the terms agreed. This is of course no problem whatsoever. It will no doubt be rolled over further. The taxpayer will bear the cost and, let's be absolutely clear here, that may well involve the UK taxpayer next time around, as part of our EU budget may well be used in future EU bailouts!
Please remember to only apply for a Eurozone Payday Loan if you know you can't afford to repay the amount borrowed.
Quite astonishing to think that anyone reading this would be gullible enough to believe it. Whilst Greece remains in the € - it will need continuous bailouts from the rest of the € zone. Eventually, it will require debt write off and the fools providing the bailouts will then lose all their money.
The fools are the unwitting € zone taxpayers who don't fully realize (yet) they have been stuck with this unrecoverable Greek debt - and with the rest of the FPIGS debts too.

1 comment:

Anonymous said...

Greek Party Leader Arrested
Greek police launched a crackdown on the country's far-right Golden Dawn party, arresting the party's chief and more than a dozen party members on charges of belonging to a criminal organization following a high-profile murder allegedly connected to a party member.