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July 09, 2015

Angela Merkel Blinks; Germany Will Once Again Subsidize Greece's Lavish Loafer Lifestyle

Angela Merkel, you shame your Nazi ancestors with your softness.

This is the first time Europe's institutions have acknowledged clearly that Greece’s public debt -- 180pc of GDP -- can never be repaid and that no lasting solution can be found until the boil is lanced.

Any such deal would give Greek premier Alexis Tspiras a prize to take back to the Greek people after they voted by 61pc to 39pc to reject austerity demands in a landslide referendum last weekend.

While he would still have to deliver on tough reforms and breach key red lines, a debt restructuring of sufficient scale would probably be enough to clinch a deal, and allow him to return to Athens as a conquering hero....

German Chancellor Angela Merkel said "a classic haircut" is out of the question, but tacitly opened the door to other forms debt restructuring, conceding that it had already been done in 2012 by stretching out maturities.

Anyone who thinks chronic debt-skippers are going to get serious about paying back loans after a huge and generous forgiveness, raise your hands, and then slap yourselves in the faces with them.

Oh, and in the last post, I forgot to link this post by Kaus, echoing Drew -- and me, too, actually -- that Donald Trump is the GOP Establishment's own damn fault.

How many times did you think you could lie to people without consequences, GOP?



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posted by Ace at 09:08 PM

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