Guido led with an interesting piece this morning, about the Greek bail out and Eurozone aid being given to Greece.
Apparently Eurozone countries today lent Greece €4.2 Billion just shortly before Greece is due to repay €3.3 Billion to the ECB….. So basically we are not bailing out Greece, we are bailing out the European Banks.
Meanwhile the Greeks still can’t form a government, based on the fact that most Greeks have voted for anti-bailout parties.
If only there was another way…
But there is!
Apologies, I know I am starting to sound like Hannan and Carswell but the only logical answer, as I have said before, is for Greece to Default on the debt, Decouple from the Euro and Devalue their currency.
This would get the Greeks out of the farce that is the current bailout and enable them to be masters of their own destiny once again.
Please note – this suggestion has nothing to do with me fancying a cheap Greek Island summer holiday – but when we all take them spending our New Drachma it will certainly help the Greek economy recover.