Greece has no other choice but to emulate what they did in Detroit.
Put Greece under receivership and let these new authorities figure out how to manage the debt and decide who will take a haircut and how big.
What are the consequences you might ask?
For one -— Pensioners, bondholders, welfare recipients, government workers, the IMF, bond holders, all will have to settle for less — maybe a lot less. It’s tough love, but it’s the only way out.
More bailouts and debt extensions will only delay the crash of the socialist Greek economy.
I can’t see any other way out of this.
One option is to sell Crete to the euro Jews.
Soon they will need a safe place to live.
They have one added problem....tax avoidance. At best....they are probably only getting half the amount of tax revenue that they should, and have limited desire to go after the folks on the illegal side of this.
I watched some hour-long discussion between some Germans and Greeks last night. The Greeks said over and over, for six years....they’ve suffered and it’s just not right. Forgiveness of a fair portion of the money borrowed is now required. The Germans came right back and noted that they’d worked hard for that money that was loaned to Greece and just didn’t see how forgiveness was in the cards. Behind all of that....you just couldn’t help but notice that Greece hasn’t changed much at all in six years, and hasn’t attempted to fix what was broke.
Cue the riots and civil unrest.