When Greece first had a problem they were bailed out to save French and German banks, who had lent them loads of money to buy French and German goods. Once the debts had been paid off with money from the IMF / EU / ECB going to Greece and straight back again to French and German banks to transfer the debts on to the IMF contributing countries, EU member states and Eurozone taxpayers, they thought by
pouring endless money down the Greek drain lending them more money while they supposedly reformed their economy, to make paying taxes compulsory instead of voluntary
, and that way the IMF / EU / ECB would one day get back the impossible to payback 180% of GDP they now owe. Because of the imposed austerity with virtually no reforms to make their country competitive again, the people have really suffered unnecessarity with 25% drop in GDP, mass unemployment in an all pain no gain (to date) disaster.
Surprise, surprise the IMF / EU / Euro taxpayers won't get their money back and before we laugh, where the French have turned the IMF into their personal Euro bailout fund, by changing the rules and role of the IMF for their own purposes, it is about to have its first losses in history, which will apply to all of the country's that loaned the IMF money, including Gordon Brown's overly generous contributions by us UK taxpayers to show what good Europeans we are!
If Greece had been forced to leave the Euro and default when they first hit trouble, the costs would have been a fraction of what they are now to mainly European taxpayers, apart for the careless/reckless French and German banks.
EU countries have had enough of Greece trying to dictate the terms of not only how they will pay back what they can never afford to payback but also the amounts and terms for the new loans they are demanding, to increase government spending as per their unrealistic manifesto which they used to get elected! This is not going to end well, with lose, lose, lose all round except for the French and Germans banks that is, where it was trebles all round.
http://www.reuters.com/article/2015/06/14/us-eurozone-greece-idUSKBN0OS0E020150614If you want to see a comparison between the IMF / EU / ECB disaster (except for the French and German banks), then look at Iceland that took the hit, let their banks go bust, defaulted on loans that could not be paid back, said tough to the creditors who didn't get paid (including some UK local authorities, who lent money at too good to be true interest rates, they were!) and almost immediately started recovering, using methods that have been proven to work very well, many times over in the last 65 years.
Time to get a few bags of popcorn in, sit back and enjoy the entertainment, after all we are part of the many paying for it.
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Topic: Grexit edging ever closer (Read 938 times)