Friday, 10 February 2012
How Long Does Greece Have To Bleed?
After being told that they need to stump up a further 320 million Euro's in budget cuts, the Greek population has once again taken to the streets to voice their anger. And who can blame them? Taken into the Euro by politicians who saw the currency as the litmus test for their machismo and political verility, they have now been pauperised and bullied by their European partners who see them merely as a necessary sacrifice for the continued existence of a doomed currency. Even Leonidas had more allies with him at Thermopylae. Essentially the Greeks are being invited to commit economic suicide in order to qualify for more IMF loans to pay off the debts they already owe the banks. The Greeks were victims of the banks - offered attractive but ultimately unaffordable loans by people who were both reckless and greedy. It's as if the whole country had been phoned up and offered "pay-day" loans by a deregulated finance industry who knew that the IMF would act as their baliffs if worse came to worst. It was a bad deal and the banks should be forced to admit as much, take their losses and walk away. Greece should declare itself bankrupt and leave the Euro to allow itself the economic freedom to recover - any business or individual for that matter would do as much. Instead, for political rather than economic or common sense reasons, they continue to wear a straight jacket as if it is a designer brand. Their democracy has gone, their economy has gone - what more does the IMF and the Eurozone want, the complete depopulation of the entire country?