Greek Money-Go-Round

The Eurozone political class are desperate to keep the show on the road and admittedly they have managed to do so for longer than many, including Guido, expected. Nothing has so far stopped them in their determination; not economic logic, democratic votes nor civil unrest.

Today Eurozone governments are sending €4.2 billion to Greece to enable it to repay the European Central Bank €3.3 billion for bonds maturing a week on Friday. They are repaying themselves with their own coin.

The Greeks will never repay all the loans, they mostly voted for parties who explicitly reject the bailout deal because the voters realise it is not Greece that is being bailed out. The European banking system and the banks that lent money to Greece is being bailed out. The sooner Greece exits the euro the sooner the money-go-round ends and reality hits the Eurozone.



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GuidoFawkes Quote of the Day

Liz Kendall at the Press Gallery lunch:

“We lost our shadow chancellor, but most people thought we had lost our balls before the election.”

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