Greece Fatigue

Please, please, I don’t want to see another article or blog post claiming some new insight on the Greek debacle. I’m tired of it, and 99% of the writers have not the slightest idea what they are talking about. Greece is just another debt-addicted economy. A continuous stream of free money has eroded the real economy, with the result that the Greeks have nothing to sell to pay for their imports. The Athenian silver mines were worked out a couple of thousand years ago, and there isn’t much else to turn to. Either the rest of the EC (or someone) takes them on as a charity case or they’ve got a big adjustment coming. There’s no magic solution.

Most likely it will be the adjustment as the only likely donor, the German taxpayer, isn’t very sympathetic to Greece’s problems.They’ve overpriced the tourism (60 euros for a plate of lobster pasta) and need to get real. They can either cut the prices in euros or drachma, it doesn’t matter. If they don’t, they’ll have to turn out the lights. But they won’t be paying back any of the money they owe. Not now, not ever. As ol’ Julius said, alea iacta est.

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