Tuesday, July 14, 2015

Greek deal struck? The saga continues ...

Peter Foster: The Agreekment paradox:
They’re going to do what? ...  Is this script being written by Lewis Carroll or Samuel Beckett? ... after a 17-hour negotiating session ... there was an “Agreekment,” part of which is another Euros 86 billion of debt.

... has to be voted on both by the Greek Parliament on Wednesday (that won’t go well) and various European parliaments. ...  the Germans are victims here too. They will have to take the biggest brush cut when the debt clippers come out again.

... This mess starts and ends with belief that you can socialize away economic problems. Unfortunately that is the foundation on which the European Union’s “social democracy” is built.  It was never sustainable, and Monday’s bizarre start of yet another round of negotiations indicates that it is unravelling fast. 
See also:
Here’s what could still go wrong

Greece’s economic lessons for us

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