So Greece, or rather Greece’s bankrupt political system, is all set to sign a vicious agreement in order to secure a new ‘bail out’. That is we are not only signing away any possibility we may have had of turning our economy around, and for all talk of a ‘haircut’, our overall debt is set to grow even further. And our GDP is set to sink even further. So, of course, not only will our Debt to GDP ratio soar (ha ha ha for all those forecasts of 120% by 2020!!! Unless they have slipped a few zeros and mean 120,000% Okay then, maybe), but also the deficit will balloon!
Because all this is so ludicrous, so cruel and even criminal, rumours are whizzing around that these devious Euroautocrats really don’t want to fork out the money for the bail out. Particularly since China is not as daft as The Frau imagined and does not seem inclined to bankroll her crazy hair brained policy or rather lack thereof. And that since they want to put the blame of failure squarely on Greek shoulders, they are insisting on all these savage and counter productive terms so that Greece will be unable to accept them.
Another conspiracy theory. Conspiracy theories are concocted because people need to find logic in the madness. Unfortunately there is no logic. Only madness. And this latest ‘bail out’ is the result of this madness. And possibly of tenacious European illusions of grandeur. A grandeut that no longer exists.
Once again Professor Yanis Varoufakis has put it in a nutshell. I urge you to watch his interview on CNBC.