Greece has debts it cannot repay. Some of this is disinterest, some cultural, some incompetence but the real problem stems from the EU acceptance of all the states it absorbed--and all their currencies--equally. Now the bills are coming due. The new Greek government is defiant in their desire to maintain the economic structure somehow. Yet the debts are still owed. And someone--either the debtor or the creditor--will suffer. Most of the creditors are European banks.
The media has covered this story as little--previously invaded--Greece against the might of the heartless, capitalistic, usurious--and previously invading--Germans. Not Greece versus the Eurozone but Greece versus Germany.
Many in Germany are calling for pushing Greece out of the euro. That would mean blowing up Greece's financial system, the return of the drachma, and default on almost all Greek debt.
Others want to paper over the cracks of the failed Greek state by extending and pretending these debts and the repayment plan are reasonable. That would require massive purchases of Greek bonds by the European Central Bank. The new debt would be little different than the old debt.
In the background are questions like, what happens if the Greeks are rescued by the Russians and then stay within the NATO as sort of Russia's fifth column? What happens if the Greek socialist government repudiates its debts; will that be seen as a counterculture victory (vs. the theft from the creditors) and thus enhance the socialist cause? W hat happens if the Germans demand payment and Greece fails; will that be seen as German cruelty or the inability of the Greeks to manage their state?
The media has covered this story as little--previously invaded--Greece against the might of the heartless, capitalistic, usurious--and previously invading--Germans. Not Greece versus the Eurozone but Greece versus Germany.
Many in Germany are calling for pushing Greece out of the euro. That would mean blowing up Greece's financial system, the return of the drachma, and default on almost all Greek debt.
Others want to paper over the cracks of the failed Greek state by extending and pretending these debts and the repayment plan are reasonable. That would require massive purchases of Greek bonds by the European Central Bank. The new debt would be little different than the old debt.
In the background are questions like, what happens if the Greeks are rescued by the Russians and then stay within the NATO as sort of Russia's fifth column? What happens if the Greek socialist government repudiates its debts; will that be seen as a counterculture victory (vs. the theft from the creditors) and thus enhance the socialist cause? W hat happens if the Germans demand payment and Greece fails; will that be seen as German cruelty or the inability of the Greeks to manage their state?
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