Greek showdown
June 28th is a date to watch as the vote on the Greek austerity plan takes place.
Unions are already mobilized and one suspects that a meaningful chunk of that nation will be on strike. It should make for terrific theatre -- especially since the vote is going to be so close.
It is not certain that the austerity plan will even work as it contains a lot of assumptions and has some real problems. The US market is a bit unnerved. Between the Greece Fire, the horrific unemployment numbers coming out this AM, and the Bernanke's speech Wednesday, this makes sense.
Now we are hearing that the Greek finance minister Venizelos is trying to re negotiate and amend the terms of the plan at this late hour. It makes one think that the nation will not be able to hold to the financial covenants built in to the agreement and he knows it. On the other hand, there is the news that some nations in Europe are wanting to refuse any further modifications or concessions. A take it or leave it, Mr. Venizelos, approach.
The euro might take a pounding, that is a given. But there is something else:
Between the irrepressibly poor mathematics, and the dysfunctional psychology and the dynamics of denial, the real lesson here is that this just one possible future that we ourselves may be facing in the next ten years when "other people's money" runs out.
Ad Free / Commenting Login
FOLLOW US ON
Recent Articles
- How the Fate of the West is Tied to the Fate of the Jewish Nation
- Green Cards, Student Visas and Domestic Terrorists
- Maybe the Little Things and Little People Matter
- The FBI Must Investigate Itself And, Once Cleaned, Several Other Political Crimes
- The Danger of Going Hungry
- The Tariff Is a Weapon
- Trump-O-Phobia Drives Some Americans to Questionable Greener Pastures Overseas
- A Businessman and a Brilliant Strategist
- A Remarkable Headline for a Fascinating Story
- Democrats Unmask Themselves
Blog Posts
- Miserable Dems at the Kennedy Center
- Leftists are dragging us through the worst parts of their ‘Groundhog Day’
- Democrats smashed on the rocks
- Britain's lamest hour
- Illegals working for Congress — addendum
- Hills to Die On: Democrats know how to pick 'em
- Near-death experiences, reliance on oil, and more cataclysmic failures—it’s all just part and parcel of ‘green’ energy
- So where'd America's obesity epidemic come from? Chef Andrew Gruel has a theory ...
- Trump just fired a huge warning shot over Iran’s bow
- Markets respond: Trumpian peace in Russo-Ukrainian war is in the bag
- The time of the hoax
- New York Times goes bipolar on Trump’s border control success
- Mark Kelly decides to offload his Tesla to protest Elon Musk
- The half-million dollar American
- Three things for the U.S. to understand about the Middle East