Which reminds me. Where did Almunia go? I miss his grand standing and histrionics. Anyone remember his “We don’t have a plan B because we don’t have and don’t need a plan A. No European country can default!”? Or some such asinine cerebral fart.
So, we have gone from no country can default, to no country will be bailed out, to Greece may need a few Billions, to Greece needs 45Billion Euros, to: Oh! All right, we’ll give Greece 145Billion Euros.
How far behind can Spain, Portugal, Ireland, Italy AND…. drum roll…. California be?…
Stay tuned for the next bankruptcy coming to a country or state near you.
By the way. Who do you think this money will bail out? If you are thinking that Greece is being bailed out, you are wide of the mark.
This money will go to making whole the banks that have bought Greek bonds that allowed Greece to spend like the proverbial drunken sailor. So, once again, here are our governments riding to the rescue of the banks under the guise of rescuing a country. Greece will not see much of that money. On the contrary. Once the banks are made whole, Greece will still need a bunch of cash to sort itself out or risk a political coup d’etat.
A bon entendeur salut.