Despite drastic austerity measures, a new Greek debt
haircut looks unavoidable. The old system has proven resistant to reform and
billions in emergency aid hasn't been enough to turn things around…..However, Stavridis also had to
confess to the troika that his agency is unlikely to meet its goals for this
year. The planned sale of the national gas company to the Russian Gazprom
conglomerate fell apart at the last minute, and now a €652 million ($839
million) deal for the privatization of gambling company OPAP is also on the
rocks, because the buyer feels that he is being cheated. …..Yet Another Debt Haircut?......The
subject is politically sensitive, especially in Germany…….a large share of
German assistance loans would be irretrievably lost.
When….observers
first arrived in the country in 2010, they were surprised at just how
overregulated the economy was, at how inefficient the entire government and
judicial apparatus had become. Not even the estimated government deficit for
2009 was correct. When it was recalculated, 6 percent turned into 12.7 percent
and eventually even went up to 15.6 percent….To Read More….
My
Take – As you read
this article try and think…..does this sound familiar? Over regulation; massive debt; large incompetent
bureaucracy; sweetheart deals for major corporations and incompetent
leadership. The results are always the same
when socialists come to power; stunning incompetence, massive corruption and eventual
bankruptcy! Is anyone out there paying
attention? Has anyone out there read a
history book this week? This month? This year?
How about ….ever….? It’s all there,
all one has to do is read about it.
Socialism is a failure today; it was a failure yesterday and will always
be a failure. Dystopia follow socialism like
the plague follows rats.
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