At the moment the Greek government receipts are used to pay for pensions and public salaries. Afterwards there is practically no money left to pay for social, health, education, traffic, communication, military etc. All these items are paid by credits from partners. Interests and debt repayment is only done by partners. Without a "haircut" on pensions and public salaries Greece has not even a slight chance to survive..."To relieve the present exigency is always the object which principally interests those immediately concerned in the administration of public affairs. The future liberation of public revenue they leave to the care of posterity." -Adam Smith, The Wealth of Nations (1776) 2010. Greece was about to default on its debts. As usual, politicians and bureaucrats blamed everyone but the perpetrators — the politicians and bureaucrats. They claimed that the only way to relieve the crisis of debt was debt itself. Problem: An excess of borrowing behavior by Greeks.
Goal: To have saved the Big Banks, mainly in France and Germany. Plan: To allow Greeks to default to non-banking creditors; have the European Central Bank and International Monetary Fund lend even more money to Greece in order to give Big Banks time to rid themselves of basically worthless Greek debt; then, when Greece finally defaults, charge the taxpayers in the European Union, that phony paradise of united social democracies, for the losses to the ECB and IMF. Measurement: Success for bankers, bureaucrats, and politicians. Failure for taxpayers. There were alternatives more fair and just; for example, see "Debt & the Race to the Bottom" at ... http://nationonfire.com/catego... In 2015. Greece defaults. Consequence? Another rescue from the EU in exchange for more Greek promises.
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