So the EUR 110 billion gift has disappeared and we are where we were one year ago.
Some things have changed, however. First of all, today we are already pretty much certain that Greece hasn't succeeded in a single condition that was imposed a year ago. Populist politicians want to look nice in the eyes of their parasite voters - and they don't care about any creditors.
Also, in May 2010, people were shocked to see that the interest rate on the Greek government debt soared to nearly 9 percent. Last week, in May 2011, the interest rate soared to 17 percent - twice the value where it was a year ago. The two-year loans have a 26-percent annual interest rate. I don't know whether it's the rate (that should be exponentiated to get the yield) or the yield - and be sure that at numbers that are this high, it makes a significant difference. ;-)
Most people don't realize how stunningly high the figure EUR 110 billion that Greece has devoured is. For all practical local purposes, it's infinitely high. All predictable laws of economy and the rational behavior resulting from it break down. Greece has 11 million people, if I count the infants. That means that the average Greek, including infants, has devoured the "loan" of EUR 10,000 per year. And this is just the infusion from outside. Normal nations are supposed to work, too. For normal nations, the imbalance is supposed to be relatively low. Just to be sure, your humble correspondent has spent less money during the same year.
Equivalently speaking, all Greeks could be declared pensioners as soon as they're born. They could be put into fancy retirements homes and none of them would have to ever work. It would cost about the same to the European taxpayer. In other words, the country is pretty much economically dead. And it doesn't care. No surprise. There is apparently no threat it faces.
Now, I want to mention the crazy politically correct vocabulary that's being used in this context. We are hearing the term "restructuralization" and similar constructs instead of the proper "sovereign default" which should be governed by the laws about "bankruptcy". That's because people are supposed to believe and convince others that we're living on a civilized continent where state bankruptcy couldn't ever take place, could it? Only the third world, e.g. Latin America, could face such things.
Except that this opinion is nothing else than flagrant racism. Greece is about as screwed an economy as Argentina was before it bankrupted some time ago. So why the hell people are trying to create a different impression? There's no difference, and if there is, chances are that Argentina was more promising. This dilution of the common terms - that, as some pathologically insane utopianists believe, can be permanently avoided - is affecting the solution of such situations, too. People are saying that the "restructuralization" (default) would be disastrous, and so on.
But the restructuralization is already taking place. Some creditors are forced to delay the maturity of the debt, sacrifice parts of it, and so on. Guess which creditors are forced to do such things. Yes, it's the taxpayers. The taxpayers are just milking machines that fucking Greek communist politicians and their international accomplices may rob whenever they want. No one will notice, and if they will, the taxpayers may always be shitted into their faces, can't they? The politicians who sign these deals don't pay a penny from their pockets, so why wouldn't they sign it? They may be invited to vacations in Greece in the future.
It's the fucking parasites - the voters of the Greek socialist party and similar scum across the world - who are the foci of this whole theater and whose interests have to be protected by the politicians. That includes much of the nation of Greece. After all, a majority of the nation is composed of parasites, and because the country is a democracy, they ultimately decide. And they decide to steal money of anyone else they encounter.
I am disgusted by the behavior of the politicians and others. There's a clear looming bankruptcy of a fucking communist government that should have bankrupted decades ago. So please let it die. Make it die. The socialist government of Greece is a nasty tumor that should be not just left to die but deliberately liquidated. The bloated Greek government sector has to be nuked, neutralized, and if thousands of people have to starve to death to achieve this goal, they should be encouraged to starve to death. This is the best thing that could happen to the Greek nation.
By the way, if you think that the previous sentence is extremist, I assure you that 90% of the Slovak citizens agree with it, among majorities in many other countries.
In the case of insolvency, the politicians from the countries with lots of creditors etc. should insist to be paid by whatever Greece has, such as its islands, and if Greece decided to reject this offer, the creditors should declare the war against that arrogant crippled country. The assumption is that the creditors would win and would get what they deserve with some legitimate interest in hundreds of percent.
I am exaggerating but just a little bit. The behavior of the international politicians who support the Greek nation in believing that it may devour EUR 100 billion every year - which is why the Greek government sector may continue to be a giant fattening station - is much more insane an exaggeration than anything I have proposed as a solution above.
