The EU’s solution to the Greek problem will be to print another €80billion and loan it to Greece at 10% per annum.
The EU is a disgrace, they lecture Greece on its finances and then flood its shores with immigrants who will never work but need supporting which has destroyed their tourist trade and left the country without any means to help itself !
Greece has no chance of ever repaying its debts, since every new bailout only enables it to pay the interest on the previous loan, just to protect European banks from the consequences of default.
The EU (ably assisted by Goldman Sachs) is as much at fault as Greece for colluding in the accounting fiddle that made Greece appear eligible to join the euro in the first place, just to advance its aim of creating a single European state. (Goldman Sachs is just following its normal procedure and asset stripping the country, on the basis that debt equals wealth for them.)
We are seeing a tragic outcome of what happens when you shoe-horn different economies into a common currency; no inflation control. And if Spain were to go in a similar way the Greek bailout would seem minuscule by comparison.
I don’t know the answer, but Greece could do worse than follow the example of Iceland – stick two fingers up at the EU, default on its loans, declare itself bankrupt, restore the Drachma and start with a clean slate. Iceland now has one of the fastest growing economies in Europe, incidentally.
The Greeks need to exit the euro and the EU and bring back its own currency the Drachma.
|Juno for your news|
|You cannot trust the mainstream media|