The simple answer there for all to see (except perhaps those making the decisions) is a resounding NO! There is no way this idiocy will work any better than the lovely policies imposed over the last couple of years that have thrown Greece into a Deep Depression. And the new lovely plan is set to push this country even deeper down the hole.

The Guardian editorial speaks of ‘Debt and Delusion at dawn’. Professor Yani Varoufakis quite aptly recall Munich entitling his article ‘Crisis Appeasement… Euro in our Time’. Paul Krugman uses the word ‘Hopeless’ in his analysis of how the European so called leaders simply have not learnt anything at all from the Great Depression and are set to make things even worse than they are.

Needless to say, it is again pointed out that: what the hell are you basing your projections for the debt to GDP ratio on? It seems as though the European brains have factored out the GDP side of the equation completely, since there is no way anything can be calculated when GDP is in Free Fall and the new package will only deepen the depression further.

But the purpose of all these plans is not to save Greece. In fact there is increasing talk that Greece will be expelled from the Eurozone within 2012 and can go quietly hang itself thereafter. No, the real problem is how to save the European banks and the Euro for all the rest, but not Greece.

The simple truth is, that for all the German Minister’s bluster, Euroland would find itself hard put to survive a sudden Greek default. At the moment at least. therefore all this nonsense which will help provide the funds for the 14.5 billion Greece has to pay in March. So default has been stopped. For March.

Thereafter the plan has been set in such a way that everybody knows Greece  will be unable to live up to the crazy commitments it is agreeing to. The thinking is that when Greece has been properly firewalled, this will be used to boot Greece out of the Eurozone. And the rest will libe happily ever after.

That is the idea of this impossible plan. That is the logic behind it. Unfortunately for the rest of Europe, The Frau and her cotterie pulling the strings are notorious for getting everything wrong. They are hardly likely to change the pattern now.

As for Greece, we have a saying: If you are already wet you are not afraid of going out into the rain!