Greece is continuing on its downward spiral to financial implosion.
To add to the woes of the good people of Greece, on top of last week's truly shocking youth unemployment statistics (close to 65%), Reuters reports that Greece's economy shrank at annual pace of 4.6% in the second quarter, contributing to a slump of more than 20% in real terms since 2008.
Ironically, in the delusional world of economists, these figures were slightly better than the 5% contraction forecast.
Delusions aside, Der Spiegel has blown the whole charade of bailing out the Greek economy wide open. It quoted an internal document prepared by the Bundesbank as saying that Europe "will certainly agree a new aid programme for Greece" by early next year at the latest.
The Bundesbank also described the risks associated with the existing aid package for Greece as "extremely high", and said the approval last month of a 5.8 billion euro aid instalment to Athens had been "politically motivated".
As I have noted many times before, in order to survive as a democracy and civilised society Greece needs to exit the Eurozone now; others such as Cyprus need also to consider their positions.
Blog Archive
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2013
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August
(11)
- Greece Wants To Renegotiate Bailout Terms
- Banks Embroiled In Another Mis-selling Scandal
- Greece Needs Another Aid Programme
- Banks Play The Old Switcheroo
- Eurozone Out Of Recession?
- Pre Election House Price Bubble On Its Way
- Greece Imploding
- Greek Youth Unemployment Close to 65%
- UK Economy Heads Towards Escape Velocity
- UK Construction Jumps
- Lloyds Back In Profit
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August
(11)
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