Never Borrow Anything Small

Many of my friends do not follow the vagaries of Europe, so permit me to briefly explain the current problems in Europe caused by socialist Greece.
For years, indeed decades, Greece borrowed money from the International Monetary Fund, the European Bank, etc. — and when the bill came due, Greece could not repay the loans.

(Here it gets comical.)

The IMF etc. loaned the Greeks money to make their payments!


This Fifth time, they are balking.

All Greece needs is about $2 billion — Apple Computer or Google could pay this from their change jar. Literally!

The newly elected socialist president of Greece calls the demands that his country repay the money it has borrowed “Humiliating.” In a delaying tactic (and a CYA), the president has called for a Referendum of his people, to see if the reforms demanded for getting still a fifth bailout should be met. Things like reducing outrageous pensions for no-show jobs, never performed.

On Tuesday, we will see who is the greater fool, the EU or Greece. Meanwhile, Greek citizens are emptying their bank accounts, lest the government seize their accounts to pay the European banks. 

Place your bets!

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