Greece Giving in to the Bailout Devil
“The rot has now gone too far.” -Edward Hugh
As we have already seen, Iceland is well on its way to economic enslavement to the European Union, and now it appears Greece will soon be marching down the same road. Years of bloated government, a stagnant economy, and an out-of-touch public sector have compounded with the recent international fiscal crisis to swamp the ever-volatile Greek state. Having amassed mountains of debt to foreign banks, primarily those of France and Germany over the past two decades, the Greek government has nowhere to turn but the World Bank and the International Monetary Fund to bail out its sinking ship. Of course the Governments of Germany and France, not the mention the people, are none to happy about the concept of bringing another wounded pigeon into the nest, the reality that they will either be bailing out the Greek government for 110 billion euros today or their own banks for maybe three times that in a few months, when Greece defaults on that aforementioned debt-pile. Its not a pretty picture for Europe all around, considering the burden of another failing economy will do little but drag down the few major producers left on the continent. Stuck between Scylla and Charybdis, the EU will be able to absorb the Greek problem, but what about Latvia, Spain, Portugal, the half dozen other states on the brink of financial catastrophe? Where do Fillon and Merkel keep this endless box of political magic bullets?