So the Euroidiots did it again.
What do you do with a bankrupt that can't pay its debts? Take money off those that can and lend the failure some more whilst telling him he has to go hungry for the forseeable future. Simple.
Fix a debt problem by lending more. Logical.
Why don't they bypass the PIIGS and give it straight to the banks and cut the smoke and mirrors and unity bullshit.
Only Germany can save EMU as contagion turns systemic
The Fatal Flaw In Europe's Second "Bazooka" Bailout: 82 Million Soon To Be Very Angry Germans, Or How Euro Bailout #2 Could Cost Up To 56% Of German GDP
And here is where the whole premise breaks down, if not from a financial standpoint, then certainly from a political one: "As the guarantees of the periphery including Italy are worthless, the Guarantee Germany would have to provide rises to €790bn or 32% of GDP." That's right: by not monetizing European debt on its books, the ECB has effectively left Germany holding the bag to the entire European bailout via the blank check SPV. The cost if things go wrong: a third of the country economic output, and the worst case scenario: a depression the likes of which Germany has not seen since the 1920-30s. Oh, and if France gets downgraded, Germany's pro rata share of funding the EFSF jumps to a mindboggling €1.385 trillion, or 56% of German GDP!
What do the Germans think about this?
60% of Germans Have "Little or Very Little Trust in Euro"
German voters are wary of any scheme that would see their taxes going towards other countries -- a so-called "transfer union" -- while eurobonds could also raise the borrowing costs of countries backing them, critics say.
A poll released by the Bild am Sonntag meanwhile showed 60 percent of those questioned in Europe's biggest economy with little or very little trust in the euro single currency, up from 54 percent in December.
The Greeks? They are getting the bailout and having a ball (actually the banks are getting bailed out with German taxpayers money, the Greek citizen is getting a battery acid enema).
Greece Threatened with Widespread, Long-Term Poverty
Greece is tightening its belt -- and the number of people living in poverty is surging as a result. Thousands line up in front of food banks and resort to rifling through rubbish bins. The country's financial crisis is rapidly turning into a social one -- while wealthy tax evaders manage to get off scot-free.
Time for a new game for my iPhone?
This will end badly.
Now for the lighter side. This clip is hilarious.