Europe's political leaders, central bankers and Greek politicians agree on only one thing: if Greece goes down, they don't want their fingerprints on the murder weapon.
Athens ran out of cash a long time ago and is technically bankrupt in all but name. The Greek Government can not afford to say this publically otherwise there will be an immediate run on their already week banks - which have also lost substantial deposits already; but pride comes before the fall as they say.
The creditor nations started to put the tourniquets around their own, too big to fail banks, back in 2012/13 at the height of the Euro-zone crisis. So Greece is now stuffed, and ready to be put on the sacrificial altar......but who will stick the knife in???.
With only a few days to go before the deadline for IMF repayment of @ $1bln, the stay of execution can no longer be delayed.
Either Greece will default and exit the Eurozone or the Germans and the rest of us in the EU will have to commit to a proper plan of debt forgiveness and bite the bullet so that Greece can burn it's corrupted, inefficient and weak economy and build anew from the ashes.
Those who have lent flagrantly to Greece are as much to blame for Greece's current state of insolvency and will have to lick their wounds.
As they say; if you owe your bank $10K you are in trouble; but if you owe your bank $10bln the bank is in trouble....well same analogy with Greece in regards to its international institutional lenders.
Athens ran out of cash a long time ago and is technically bankrupt in all but name. The Greek Government can not afford to say this publically otherwise there will be an immediate run on their already week banks - which have also lost substantial deposits already; but pride comes before the fall as they say.
The creditor nations started to put the tourniquets around their own, too big to fail banks, back in 2012/13 at the height of the Euro-zone crisis. So Greece is now stuffed, and ready to be put on the sacrificial altar......but who will stick the knife in???.
With only a few days to go before the deadline for IMF repayment of @ $1bln, the stay of execution can no longer be delayed.
Either Greece will default and exit the Eurozone or the Germans and the rest of us in the EU will have to commit to a proper plan of debt forgiveness and bite the bullet so that Greece can burn it's corrupted, inefficient and weak economy and build anew from the ashes.
Those who have lent flagrantly to Greece are as much to blame for Greece's current state of insolvency and will have to lick their wounds.
As they say; if you owe your bank $10K you are in trouble; but if you owe your bank $10bln the bank is in trouble....well same analogy with Greece in regards to its international institutional lenders.
