Standard & Poor’s has just cut Greece’s rating from stable (stable CCC that is of course) to negative because, we are told: “… Greece is likely to miss the financial targets set by its lenders which increases the risk of the country defaulting on its debts.”
Well I never! Is there really a risk of Greece defaulting on its debts? The question is not “if” it will default but when and how. And I have to repeat for the umpteenth time it is time to stop whipping this dead horse. It will never come to life. It’s dead. And again, must I reiterate, how can a country begin repaying its debts when your targets and formulas for getting the economy on track have only lead to a full blown depression and an economy that continues to sink fast. How do you repay a debt if your lender refuses to let you work to earn any money?
But who gives a damn about any of this? No, Greece must meet its targets and it must make cuts of a further 11.5 billion or else!!!! Threat against threat! No more money to prop up banks. Hmm….
Now, our current Minister of Finances, perhaps the only sincere man in this whole nonsensical charade, is trying his best to find the 11.5 billion. What for though? Even if he does, this will only lead to a further deterioration of the economy and an eventual default anyway. Does he not know that?
He does of course. But he has an idea in mind which is: “We must stay alive until Europe comes up with a complete solution to the Eurozone.“
In other words he knows very well it is all nonsense leading to hell, but we must mark time, stay within the Euro till a comprehensive solution for the Euro is found so Greece can remain within the Eurozone.
Though the only coherent thing we have heard from our governments so far, I am afraid there are three draw backs to this policy at this time.
The first, that Mr Stournaras assumes that the Eurozone will find a complete solution to the mess, and also that this will not take that long. A BIG assumption on both counts.
Second, that such a solution can be found without making a scapegoat or perhaps ritual sacrifice of Greece who all along has been roundly blamed for everyone else’s mistakes and not just her own.
And last but not least, he expects the Greek people will hold their breath till this miracle happens. But by the time it does, if it does, we will all have died of suffocation.
But this is August, the London Olympics going strong to keep our minds off the ominous future. In an case, Armageddon wont happen before some time in September. So one of the sports I have watched with interest is the synchronised swimming.
It couldn’t help reminding me of Esther Williams and those magnificent Ziegfeld Follies. What a spectacle. I have no intention of denigrating all the effort and hard work going into this, but I just couldn’t help thinking of Mme Christine Lagarde who practiced this sport we are told, and thinking just how much like the Ziegfeld Follies she and her antics really are.
