Why Austerity Doesn’t Matter: Greece Is Still Going to Default

Dear Ladies and Gentlemen,

For Your Entertainment (FYE) if you are Gold denominated………;+) for your despair (FYD) for everyone else……..:+(

http://www.cnbc.com/id/43526219
http://en.wikipedia.org/wiki/Economy_of_Greece
http://www.scribd.com/doc/58373475/greece2ndbailout
http://economics21.org/commentary/painful-arithmetic-greek-debt-default
“Greece and a number of other European countries cannot repay their debt. In fact they will never be able to repay their debt under current conditions because their economies are not competitive globally,” banking analyst Dick Bove at Rochdale Securities wrote in an analysis. “Therefore, these countries must, and in my judgment will, repudiate their debt.”

economies are not competitive globally,” banking analyst Dick Bove at Rochdale Securities wrote in an analysis. “Therefore, these countries must, and in my judgment will, repudiate their debt.”

 

By some estimates, repaying the debt would require a sustained economic growrh rate of 21%………….
Big Hugs and kisses to All!;+)

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