Friday, July 10, 2015

Greece wants to burden its people with even more debt!

Specifically, $5,400 more per person!

It wants 53.5 billion euros. With a population of only 11 million, that works out to another $5,400 per person at an exchange rate of $1.11 per euro. Insanity! It cannot and will not ever be repaid. It is just more kicking the can down the road. There is little enthusiasm from the common people of Europe to throw away even more money, although that may not prevent Europe's elite from doing so.

Pat Barron

From today's Open Europe news summary:
Greece makes further concessions to creditors as it seeks €53.5bn 3-year bailout
Greece yesterday submitted a proposed list of reforms in return for the €53.5bn new three-year bailout package the country is seeking from its creditors. The Greek government has made further concessions on VAT and pensions, although some discrepancies with the creditors’ proposal remain – notably on labour market reform and military spending cuts. According to the International New York Times, France sent a technical team to Athens to assist the Greek government in drafting the new plan. The new proposals are being assessed by the three institutions – the European Commission, the ECB and the IMF – and are expected to be put to a vote in the Greek parliament today, ahead of tomorrow’s meeting of Eurozone finance ministers and Sunday’s meeting of EU leaders.

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