Greek catastrophe; can they make a comeback

Things turn out best for those who make the best of the way things turn out.
Jack Buck

We have been stating this for a long time and its good to see someone from the banking sector finally echo our sentiments. When an important banker makes a statement one should pay attention especially if it makes sense, as usually they are full of dribble.

For those who speak German, Deutsche Bank CEO Josef Ackermann made the following statement

“Ob Griechenland über die Zeit wirklich in der Lage ist, diese Leistungskraft aufzubringen, das wage ich zu bezweifeln”

For those who do not speak German the excerpt below provides a clear translation of the above statement.

Ackermann, one of Europe’s top bankers who has helped to put together a private-sector bailout package for Greece, questioned the country’s ability to turn itself around, according to excerpts of a transcript for the Maybrit Illner talkshow set to be broadcast on German television ZDF on Thursday evening. Greece has been forced to implement tough austerity measures as a precondition for an international bailout, a move that has sparked widespread protests in the southern European country.

“Whether Greece over this time period is really in a position, to bring up the strength to make this effort, I have my doubts,” Ackermann said in the transcript, adding that this requires “unbelievable efforts”.

If Greece were to “fall down” this could spread to other countries and lead to “a sort of meltdown,” Ackermann told ZDF. Full Story

The EU could pay bond holders part of their debt as  (they are already throwing good money into a deep black hole); bailing out the bond holders is what all this whole story is about. They like and make false claims that they are trying to save Greece, etc.   The next step would be to push Greece out of the EU. Yes it would be painful in the short term, but it would also send out a strong message, that the EU is willing to do what is necessary to defend the Euro. . Over 51% of the  Greek public is completely against the new Austerity measures the government has implemented. This is a clear sign that these measures will not hold. So what sense does it make to give them money when everyone knows that they will come begging for more soon. At this rate, the can is being kicked further down the filed, instead being kicked completely of the field.

The wise man can pick up a grain of sand and envision a whole universe. But the stupid man will just lay down on some seaweed and roll around in it until he’s completely draped in it. Then he’ll stand up and go hey, I’m Vine Man.
Jack Handey

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