Monday, February 13, 2012

Simple Numbers of the Neo-Liberal Destruction of Greece

Naked Capitalism picked up a brief post by Australian blogger Delusional Economics:
What makes the situation completely surreal are the numbers. Greek debt in 2008 was approximately 260bn Euro. The first bailout was 110bn, the current one, that appears to be tearing the country apart, is 130bn. Add in the PSI+ haircut of approximately 100bn ( after sweetener deduction ) and you realized that Europe could have simply paid the entire bill in 2008 and saved itself 80bn Euro. Ok, that is an oversimplification of the problem but you can see my point.

However now, after 340bn Euros, Greece is still has an unmanageable debt, is in a far worse position than it was 3 years ago and it appears the country itself is coming apart at the seams.

So basically the Greek politicians and the other Eurocrats took a quarter of a billion euro problem and turned it into a existential trillion Euro one.


  1. Makes you wonder if the conspiracy theories are just theories.
    If this was a movie plot we could be led to think that its a premeditated plan by the elite to produce caos and then "save the world with a new order Aldous Huxley/George Orwell style.

    I´m afraid since Portugal might be next.
    Our fellow contrymen in goverment are doing their best to empoverish men women and children in Portugal, if it was a hollywood movie it would really look like high treason from Prime Minister Passos Coelho and finance Minister Victor Gaspar (ex. Goldman Sachs).

    Thanks again for making us see that there are still people aware in your side of the ocean.

    Still waiting for your post on Ron Paul and the Gold Standard. That would really be enlightening for me.

    Thank you
    Luis Ferreira

  2. I am still working on the gold standard post. I believe it will turn out pretty well. Perhaps this week yet.