Greek Fudge

As we move towards the quarterly pretence of Greek exit – or refunding package – I wonder, which choice will the unelected Faceless Eurocrats at the IMF and EU opt for this time?

Could it be the same choice that they have opted for on the last 18 visits to the Last Chance Saloon. Of course it is. This pretence at seriousness has been going on for 5 years now. Lend the Greeks even more, give them even more time not to pay!

The facts are very very simple. Greece now runs close to borrowings of 200% of its GDP – or total economic production of the entire country.


Depending upon what they choose to regard as debt, loans and treasury bills – Greece owes somewhere north of €300 billion. That’s €300,000,000,000. Approximately £420 billion in real money. Our debt to GDP ratio is around 75%. Our economy is growing. Greece’s is shrinking.

Last night they pretended to re-negotiate, re-finance, re-budget and re-align this tyoxic debt pile. In fact use any words you like – unless they involve the phrase “lend Greece more money” which appears forbidden. Because of course that is exactly what they will do.

But who are these idiots lending good money after bad?

Greek_debt_owners_2014Well it’s hard to get RIGHT to the bottom of the detail, but occasionally someone inside the EU club lets some information out. But of course officially released data is intended to re-assure and deflect from the truth. The catch-all “Eurozone” category is of course “in theory” the 19 countries daft enough of the EU28 to sign up to the Euro. Which meant 9 weren’t.

Don’t forget that we weren’t the only sensible opt-outers! Joining the UK were Sweden, Denmark, Bulgaria, Romania, Poland, Croatia, the Czech Republic and Hungary! No Euros for us thank you.

When you scratch away beneath the veneer of “Eurozone” and lets guess at €200 billion of debt, where does it actually sit? Who are the idiots doing the lending?

GreekBanks exposure countriesWell if they told you that of course – we might all start to spot the plan that’s afoot.

Unfortunately for the plotters SkyNews gave the game away at the weekend. And now all is clear. Its not that Germany can’t afford a €90 billion write-off – it will simply go to their tax payers as per usual – but in a 24 month period leading into German AND French national elections. Well what’s 2 years further pretence? Some of this debt is apparently not due until 20150!

Greek_debt_maturities_2014It’s Italy they are actually worried about. UK banks look quasi-responsible by comparison!

So stay with the “long-grass” game, lie to German, French and Italian taxpayers about “true debt exposure”, and hope to cling onto power for another turn of the wheel.


Last night Greece agreed to €8 billion per annum of “further austerity” – but of course with interest payments per year north of €12 billion, even Labour Party economics spokespersons would realise that even this will make no difference.

The European Vanity Project has brought Greece to her knees, brought near starvation to large areas of that country and continues to pile debt onto an already bankrupt nation.

It is no longer irresponsible – it has now become immoral.

Have a great day.


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Ginola 14

Exasperated QuestionTime viewer no longer content to leave it to the Westminster Elite

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