Wednesday, June 24

EU still negotiating to bail out Greece. Greek pols laughing all the way to the bar.

Big meeting taking place in Greece between European Central Bank reps, members of the European parliament and Greek politicians to see how much taxpayer money the pols can give Greece to keep the latter from leaving the common Euro currency.

Problem is Greece has a huge debt and insists on continuing to spend far more than it takes in in tax revenue.  (Sound familiar?)  For a big insight on the stupidity, click here.

Summary:  For several years now the Greek govt has been living off cash borrowed from the EU.  They've missed several repayment "deadlines."  Two or three years ago European politicians pressured Greece's lenders to write off a huge chunk of that debt in exchange for solemn promises from Greek pols to repay the rest.

How'd that work out for 'em?  Do you need to ask?

Basically the deal from a few years ago was "We'll loan you even more billions if you'll solemnly promise to tighten your policies and repay the old loans."

Of course the Greeks ended up using the new loans to make partial payments on the old loans and string the lenders out longer, and now they're even farther in debt.  But the stupid members of the European parliament--a bunch even less useful than our congress--are just so *traumatized* by the plight of the Greek people that they're determined to squeeze their members to bail Greece out yet again.

Politicians are absolutely determined to feel good about themselves, no matter how much of other peoples' money they have to spend to do so.


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