Friday, March 16, 2012

#Greece #EURO : The Big FAT Greek Lie

The big fat Greek lie being spread throughout the financial community is that Greece has been saved. It’s a lie for the following reasons:

  1. Greece did in fact default
  2. Greece now has more debt than it did before the bailout (how does writing off €100 billion Euros in debt and taking on €130 billion Euros in more debt improve this situation?)
  3. The Greek economy continues to implode (youth unemployment over 50%, one in ten Greek youth looking for jobs abroad, Greek GDP fell 7% in 4Q11)
  4. This Second Bailout was indeed a “Credit event” which the markets have yet to discount (though German investors are already lining up litigation)
  5. Germany’s finance minister has already admitted Greece may need a third bailout.

Anyone who thinks that Greece is better off, let alone “saved” is out of their minds. The Euro may have been saved for a few more weeks/ months. But Greece is in worse shape than ever..read more

http://www.zerohedge.com/contributed/2012-11-15/big-fat-greek-lie-now-obvious-spain-so-whos-next-default