Euro Bailout

GREEKS SAY NO TO BAILOUT, STARVED FOR CASH…….

Wish we could have voted in a referendum to say no to bailing them out.

But in crony EU land, were decsion making is behind steel doors and law is arbitrary, the tax payer is but a cash cow in a barn stall anchored by a myriad of chains that the self deemed elite have forged for us.

(Here’s something that they knew just four years ago):

Greece Was Lying About Its Budget Numbers…….(to get in the UE)

”I don’t think this is any great surprise to anyone any more, that Greece was lying about its budget numbers for years. First to get into the euro, then to cover up the damage it was having and more recently to avoid the difficult questions of what should be done about it. However, Tim Harford has an interesting piece on how we can show this to be true, using Benford’s Law:

Now four researchers have published a paper using Benford’s Law to examine Greek macroeconomic data….(…)..
Which brings us back to the data Greece submitted to the European statistics agency. According to Rauch and his colleagues, Greek data are further from the Benford distribution than that of any other European Union member state. Romania, Latvia and Belgium also have abnormally distributed data, while Portugal, Italy and Spain have a clean bill of health.

greece euro exit

GREECE STILL CASH-STARVED AFTER DECISIVE ‘NO’ BAILOUT VOTE


ATHENS, Greece (AP) — Greeks awoke Monday to the stark reality of the country’s accelerating crisis – shuttered banks and ATMs with little cash – hours after they voted resoundingly to reject more austerity measures in exchange for another bailout.

The results – 61 percent voted “no,” compared with 39 percent for “yes” – left the bankrupt country’s future in the European Union and its euro currency uncertain.

The margin of victory for “no” was far wider than expected. But as celebrations died down early Monday, Greece entered a second week of severe restrictions on financial transactions and faced the prospect of even limited amounts of cash drying out, with no prospect of an immediate infusion. Greece imposed the restrictions to stem a bank run after the vote was called and its bailout program expired.

Besieged by a prolonged recession, high unemployment and banks dangerously low on capital, Greece defaulted on an International Monetary Fund loan repayment last week, becoming the first developed nation to do so. Now some analysts wonder if Greece is so starved of cash that it could be forced to start issuing its own currency and become the first country to leave the 19-member eurozone, established in 1999.

More here

NOTE: And the political jackasses who lied to get at our money to bail out the Greeks, well, they’ve moved on to lucrative positions elsewhere while we have to handle their mess.

Former Finnish PM Jyrki Katainen….

KATAINEN DUFUS

Former Finnish EU Commissioner for Economic and Monetary Affairs and the Euro, Olli Rehn…..

olli-rehn-landscape

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