Tag Archives: bailout

A Greek Comedy

The Ancient Greek Comedy provided a break from reality, which is exactly what is currently being negotiated for Greece.... another break from reality.  Years of poor fiscal policy have led to debt levels that are impossible to service.  The reality is if Greece was a large corporation it would have done the obvious and filed for bankruptcy in 2011, and in 2015  we would be talking about the amazing Greece recovery, not how many more billions of Euro's they need just to survive the week.

In August of 2012 I noted just how adept Europeans are at soccer:

Who are the ones that will ultimately foot the bill for Draghi and the ECB's actions?  All those in the Eurozone, even the countries who have their house in order, such as Germany.  Bailouts and money printing do nothing but mask the underlying rot.  It prolongs the inevitable.

Give the central banks around the world a round of applause.  If can kicking were and Olympic event they would surely be gold medal winners.

We find ourselves yet again at another can kicking moment. 

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