Sat, Jun 18, 2011
From The Market Ticker
The shared currency strengthened against all but one of its 16 major peers tracked by Bloomberg. A solution involving holders of Greek bonds in a new rescue package for the indebted nation has been found, Sarkozy told reporters in Berlin today at a joint press conference with Merkel. The chancellor said Germany would work with the European Central Bank on the compromise deal after earlier demanding bondholders pay a substantial share of any new bailout.
Uh huh. Then you have Sir Alan who said…
For one I agree with the old coot.
There is no solution, political or otherwise. This is a matter of arithmetic; the Greek situation, like ours, cannot be solved except by accepting the contraction in government and the economy that must come as the debt bubble is deflated.
It’s not about what people want or even, to a large degree, about political will. The lies have reached the limit of coverage with arithmetic. Fourth-grade arithmetic.
Oh sure, they’ll keep trying to pull out sticksave after sticksave, exactly as they did in 2007 and 2008, right up until they miss one and the puck goes in the net.
Then the pretty red light comes on.
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