"Got to roll debt baby, call it the tumblin' default.
That's the theme for the week as Greece gets yet another final deadline extension to come up with more and more concessions so it can borrow even more money that it will never be able to pay back. "Honey, got no money" is the line that should be obvious to EU Stones fans as the IMF's chief economist insisted that Greece must cut wages to boost competitiveness and pull the country out of its economic quagmire. "Either you basically increase productivity growth a lot and quickly, and you keep wage growth moderate, or you decrease wages," said Olivier Blanchard.
Sadly, only the Communists are telling the people the truth in Greece - the people are being sold into decades of wage slavery as a population that has already voluntarily accepted 25% wage cuts is now being forced to accept additional 30% wage cuts while the ECB and IMF shove another $192Bn worth of debt down their throats that is ONLY to be used to pay off bondholders who took advantage of them in their time of weakness to force them to roll over their debt at record high rates..."
at http://www.zerohedge.com/contributed/tumblin-default
That's the theme for the week as Greece gets yet another final deadline extension to come up with more and more concessions so it can borrow even more money that it will never be able to pay back. "Honey, got no money" is the line that should be obvious to EU Stones fans as the IMF's chief economist insisted that Greece must cut wages to boost competitiveness and pull the country out of its economic quagmire. "Either you basically increase productivity growth a lot and quickly, and you keep wage growth moderate, or you decrease wages," said Olivier Blanchard.
"It is a pretence that the measures are taken to forestall bankruptcy," Communist party leader Aleka Papariga told the gathering crowds at today's National Strike. "On the contrary, they will lead the people to misery to benefit the plutocracy and capital," she said.
Sadly, only the Communists are telling the people the truth in Greece - the people are being sold into decades of wage slavery as a population that has already voluntarily accepted 25% wage cuts is now being forced to accept additional 30% wage cuts while the ECB and IMF shove another $192Bn worth of debt down their throats that is ONLY to be used to pay off bondholders who took advantage of them in their time of weakness to force them to roll over their debt at record high rates..."
at http://www.zerohedge.com/contributed/tumblin-default
