The moussaka's bubbling nicely!

Did you think the Greek debt problem had gone away once the IMF was involved?  Not a bit of it, I'm happy to report.  Underwritten by the IMF the other Euro countries were prepared to lend at 4.0% to 4.5% but 'Maggie' Merkel has put her high-heeled jackboot in and insisted that the Greeks pay the going rate of 6.0% to 6.5%.  She knows that the German constitutional court will not allow Germany to lend money at anything other than market rates.  The Greek deputy prime minister has accused the Germans of racism - shockin', shockin', who could imagine such a thing!  The Greeks have just managed to cover the borrowing they need for this month but they will need another 10 billion euros for May.  Happy days - but not if you're Greek!  And whose turn is it next?  You do not need to look far.

http://www.ft.com/cms/s/0/2403d946-41a5-11df-865a-00144feabdc0.html

 

Comments

[JK]

At least nobody's gonna get nuked.

[JK]

http://www.economicpolicyjournal.com/2010/04/senior-sec-employee-warns-of-potential.html

[David Duff]

And where local government fails then, like GM et al, the Feds can take over thus extending their power even further.

[Juri]

Iceland, Greece....(Italy, Spain, ...)
No, the saga people are not in the EU but demanded help anyway (after buying half of Copenhagen with money that didn't exist).
If I weren't stupid I probably could see the wisdom in bailing out Greece and not throwing them out of Euro plus letting them go bankrupt. Sadly, though, I am and I can't.
The good news of all this is that I won't have to fear for my tax rate to fall too much under 50% any time soon.

[David Duff]

Cheer up, 'Nuncky', there's always death to look forward to!