Excellent report on BBC World this morning.
It seems that the Bosch are very cross with the Greeks, since the latter – even though their plebs have been suffering mightily – have done little on the “restructuring” side.
“Restructuring” is of course Eurospeak for “eliminating all those civil servant non-jobs doled out by successive governments in a usually-successful but ultimately ruinous bid to win the votes of those getting a state salary and vast pension for few hours spent doing little work of any use.”
So, the Greeks haven’t cut public spending, the debt isn’t going down but up, their credit rating is going down, their interest rates going up ….. as many ups and downs as a yo-yo …..
The Bosch are increasingly disinclined to pay for all this – Merkel seems to be out on a limb surrounded by revolting ministers. However,
A) Greece cannot be allowed to default (We lent them too much and if they default we’ll lose it all as well as looking stupid – of course, we ARE stupid but the important thing is not to LOOK it.) but
B) It has no chance of not defaulting.
How the headless chickens of Brussels will resolve that one is a mystery, but a European Head of the IMF will certainly help, as then the IMF could lend more money to Greece to pay more of its debts … Yes, it is surreal. “I am in vast debt, so I borrow vast sums of money to try to pay my debts but in doing so vastly increase my debt.”
But in truth, they should rename the IMF to EBF (“European Bailout Fund”) – anyone remember that it was designed to help DEVELOPING COUNTRIES?
Jean-Claude Juncker of Luxembourg could come to the rescue with not a “rescheduling” of Greek debt but a “reprofiling” of it. However, only HE seems to understand the difference between the two. Clearly he hasn’t read Shakespeare “A rose is a rose …” etc
Lewis Carrol would have had a field day with all this.
PS “Putting billions into non-jobs in the civil service so that the grateful recipients will vote for you in the short-term while the country slowly sinks into unsustainable debt, by which time you’ll have retired to your vast pension and lecture-tour on ‘How I saved the World'”?
Seems vaguely familiar …. now WHERE have I heard of that before? Which reminds me – the GOOD news!! GB seems unlikely to become Head of the IMF.
PPS Oh, the “markets” will get the blame ……… well, someone has to, and it won’t be the people responsible!
PPPS WELL DONE THE YOOF OF SPAIN FOR STICKING UP TWO FINGERS TO THEIR GOVERNMENT.
40% youth unemployment under a socialist government – sounds about normal to me …..