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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
Zero Hedge 
May 3, 2010
Does anyone have a problem with the attached chart?
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.
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 Zero Hedge: http://www.zerohedge.com/article/greece-bailed-out-get-even-more-debt
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 Greece Falls Into ‘Death Spiral’: Rising Debt, No Growth: http://www.prisonplanet.com/greece-falls-into-death-spiral-rising-debt-no-growth.html
 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
 Greece Is Insolvent, Will Default on Debt: Fitch: http://www.prisonplanet.com/greece-is-insolvent-will-default-on-debt-fitch.html
 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
 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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