Greece gets bailed out....again

[Doc]

an interesting situation that the dumbasses in Washington should pay attention to.

So the Greeks wanted debt forgiveness but the Germans (basically) refused to write off the $315,000,000,000 (that's $315 billion). Instead the Greeks have to cut their state funded give aways like pensions as well as increase taxe to the 73% who work (27% are unemployeed). Imagine that, they actually have to PAY their bills. This is the biggest cluster ..... and it ain't getting any better.

[dan_bgblue]

European's are throwing money down a rat hole. Greece has been insolvent for more than 10 years and the debt just keep mounting. Your comment on the premium board about everyone wanting a piece of the pie and soon their is no pie left is appropriate in this situation. Of the 73 % who have jobs, I suspect at least 50% of the 73% have government funded jobs. Their government spending is 180% of GDP. I am sure there is a lot about the Greek financial situation that the European finance ministers know that I do not, but this seems to be a very wide and deep rat hole.

an interesting situation that the dumbasses in Washington should pay attention to.

Hell has not frozen over in DC yet.

[Doc]

And the current administration wants to make us more like the European model!

[Catonahottinroof]

Italy and Spain aren't too far behind Greece.

[Doc]

Italy and Spain aren't too far behind Greece.

Which is why Italy supported the bailout. Germany and Finland were against the bailout, instead wanted Greece to get their finances in order. Germany debt to GDP is 74%, Finlands 59%. Spain is 98%, Italy is 132% and Greece a whopping 175%. Pretty easy to see the sound economies vs the not so sound ones.

BTW, USA? 101%

[Catonahottinroof]

Socialists are happy until they run out of other people's money.

[dan_bgblue]

IMF says Greece needs a lot more money than the EU lenders think

[KeithKSR]

The U.S. and a large number of other countries are headed down the same path.