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Showing posts from July, 2015

Europe's Turkey

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Let’s see if we can put this in a nutshell. In the late 90s, Greece, with a little help from their German friends, fudged their books to get the drachma operating within the rules and regulations of the ERM and threw their lot in to join the Euro. They continued fudging their books right up to a few years back. The Great Recession struck and someone asked for a little something from the reserves, only to be told…oops….ain’t none. A big stack of debts, yes. Cash reserves? Not so much. Not to worry. They kept on spending the welfare, dodging their taxes and dreaming the European dream. And Greece and the EU fudged the books again, breaking all sorts of rules and regulations, splashing the cash to try and keep Greece’s head above water. Alas, the floatation aid stopped Greece from ever reaching dry land. And here we are today. The Greeks have debts they can never pay off. The Germans have credit notes they can’t forgive. Forgiveness is for wars. The truth is, the Greeks sh…