Merkel knows that Greece is fubar and that financial aid to Greece is not going to change that. Merkel/Germany is looking to minmize the national default domino effect that will likely happen within this year (look at the economic situations in Spain, Portugal, the UK, France, Poland, etc., etc., etc.).
did you know that Greek government employees get two months pay as a “holiday” bonus?
Meanwhile the sales tax is being raised to 21% to help for this largess.
Nope. That’s just what the EU is telling their idiotic voters.
In reality, the EU has begun Operation Trojan Horse...which orders German private lenders to buy Greece’s new public debt.
That means that banks in Europe are deliberately purchasing toxic debt, knowing that the German government will be better able *politically* to bail out German lenders on the sly than to overtly bail out the nation of Greece.
Which just kicks the can down the road a bit...buys Greece a little time at the expense of weakening the entire European financial system further.
Nobody is strong enough to bail anyone out these days. Germany is smart, let them do what they can to cut spending. That’s what we have to do with California. If you keep bailing people out they will never learn.
Ping.