Prepare for a ‘state of emergency’ in Greece on July 1 if it does not reach a deal with its creditors according to Guenther Oettinger, Germany’s EU Commissioner.
The longer this plays out, the harder the fall is going to be. For the sake of everyone, just let them default. If they have not cleaned up their acts by now, they never will, and in the end, the results are just the same… except with greater consequences the longer it drags on.
Anyone who’s still got Euro stocks is brain dead.
There is nothing to discuss. Greece borrowed money and cannot pay the interest let alone repay the loan. Nothing left to be said but adios.
The only problem with kicking the can down the road is eventually, you will run out of road.
The Germans and the EU central bank keep pretending that they are doing Greece a favour, by trying to convince them to borrow more money from them just so that they can keep paying the interest on their loans
The reality is Greece has not been helped by this prescription. it experienced 7 years of double digit contraction.
The economy is practically at a standstill and the debt keeps piling up.
The only people Germany is helping here is themselves. This is the only way the know to keep the illusion going.
Germany simply can’t afford to give Greece debt relief (like the Greeks want). if they do, Italy, Portugal, Ireland, Spain, etc. will all start lining up for their bailout.
The EU is doomed-by-construction experiment that is founded more on political idealism that on economic pragmatism.
Brussels managed to do what Hitler and Napoleon failed to do. Conquer and subjugate the Europe under the banner of the EU.
I don’t know if Socialism is dying (governments will fight to maintain their control). but its sure getting is comeuppance. These nanny governments are “running out of other peoples’ money”. It wont be long before similar problems beset the UK when our government debt bubble pops.
About time this EU train crashed !
|Juno for your news|
|You cannot trust the mainstream media|