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Greece Bailed Out To Get In Even More Debt

Posted By admin On May 3, 2010 @ 4:23 am In Money Watch | Comments Disabled

Tyler Durden
Zero Hedge [1]
May 3, 2010

Does anyone have a problem with the attached chart?

Greece Bailed Out To Get In Even More Debt Greek%20Forecast 0 [2]

Ignore for a second the sheer lunacy of anyone who thinks that the Greek government can grow GDP and decline the budget deficit in a straight line now that the country will see crippling strikes and rolling riots (not to mention blackouts) on a daily basis. But do note the black line, which shows the projected Debt/GDP ratio for the country as part of the bailout package. In essence Greece will go from having “only” a 133% Debt/GDP ratio to an insane 149% in 2013 before presumably dropping to 144% lower in 2014, still a good 11% higher than currently. Greece just got bailed out so it can get into even more debt! What psychopath of the Keynesian school thinks that this unbelievable trajectory is anything but a complete and utter waste of money? German, and US taxpayers, are merely giving Greece money so it can increase it debtor status with French and a few other European banks. To say that this is a viable solution is something that only those who bow at the altar of Alan Greenspan can do.

Greece Bailed Out To Get In Even More Debt 150410banner7 [3]

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URLs in this post:

[1] Zero Hedge: http://www.zerohedge.com/article/greece-bailed-out-get-even-more-debt

[2] Image: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/Greek%20Forecast.jpg

[3] Image: http://www.homegain.com/housead/homes_for_sale/index?entryid=11502

[4] Greece Falls Into ‘Death Spiral’: Rising Debt, No Growth: http://www.prisonplanet.com/greece-falls-into-death-spiral-rising-debt-no-growth.html

[5] Debt crisis: Spain and Italy to be bailed out in £600bn deal: http://www.prisonplanet.com/debt-crisis-spain-and-italy-to-be-bailed-out-in-600bn-deal.html

[6] Greece Is Insolvent, Will Default on Debt: Fitch: http://www.prisonplanet.com/greece-is-insolvent-will-default-on-debt-fitch.html

[7] Greece Sells $2.1 Billion of Debt After Rescue Plan: http://www.prisonplanet.com/greece-sells-2-1-billion-of-debt-after-rescue-plan.html

[8] Greek debt crisis: billions more will be pumped in to rescue Greece: http://www.prisonplanet.com/greek-debt-crisis-billions-more-will-be-pumped-in-to-rescue-greece.html

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