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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?

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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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[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

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