Zorba isn't Dancing!
- 10-27-2011
- Categorized in: Debt
Okay! So the EU is saved and the Greeks ship another wooden horse to Germany and France and then wonder why no-one is singing and dancing!
Well, actually, someone is: The Central Banks! They get to redeem the Halvah they sold as caviar over the past decades for pennies on the dollar! Isn't that just bitter-sweet!
European Council President Herman Van Rompuy had this to say about their saving Greece:
"From a series of national debt crises, the situation was evolving into a systemic concern, threatening the stability of the Eurozone as whole. This threat has to be contained. We therefore took last Sunday and tonight important decisions on ... where action is needed.
"We want to put Greece on a track where, in 2020, it will have reduced its public debt to 120 pct. of GDP.
(Excuse me for asking but, since when is spending 20% more than you make a good thing?)
"Since July, market conditions worsened. The new programme includes an extra effort by the official sector. A new EU-IMF programme of up to 100 billion will be put in place by the end of the year.
"It also includes a voluntary contribution by private creditors who had lent to Greece. It was agreed by them tonight and amounts to a nominal discount of 50 pct on national Greek debt."
Words to take note of: "a voluntary contribution" and "a nominal discount".
I'm sure that if we don't ask, they won't tell and it won't matter!
Buy gold and silver now while you still have the chance! At the very least, read the book "Going for the Gold!"
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