Did you know that you 11 million families will have to work one whole year of your life to pay off your “gift” to each and every one of 10.75 million Greek men, women and even their children?
What is it with you French and Germans? When is enough, enough already?
Churchill was so shocked and dumbfounded that he‘s risen exclaiming: “Never before in human history have so many given so much free money to so few people.” Boy, you poor French and German families – that’s you !
Do the Math.
Frenchmen, your average salary that you took home is some € 35,000 euro; and Germans, your average salary that you took home is some € 35,000 euro. (Eurostat, 2014)
The Greek borrowing that has been “forgiven”, in other words, given = gifted, is some € 34,000 euro as a gift to each and every single Greek man, woman and child!
The Gifts to Greece total some € 367 billion euros.
Greek debt has been forgiven in a couple of different ways, but it’s all still forgiven = forgotten = never more to be repaid by the Greeks who spent and enjoyed it. And, by the way, will have deprived you 11 million families of being able to spend it and/or enjoy it (unless you are masochist enough to be called a terrorist and blood sucker as the Greeks bearing gifts to the EU).
The first gift was some € 107 billion euros. This first “haircut” was some 55 – 60 % of the € 210 billion private debt owed by Greece. (By the way, the balance “non-haircut” was paid to those lenders with new Greek paper – now not worth the paper they are printed on; so probably it will turn out to be another “haircut” – another gift of € 100 billion euros, less some interim interest paid.)
Then the Institutions lent additional money in that first so-called “bailout” loan. The Greeks, what else, continued their spending beyond their means ways, and were in trouble again. So they got a second so-called bailout “loan”.
So, now the next gift is some € 120 billion euro. The € 240 billion euro loan turned out to be a gift masquerading as a loan. The loan (except for a small IMF portion ~ € 20 billion) was allowed to get
an interest rate of “peanuts” – 0.7 % and then no payments for 10+ years and then extended for some 32.5 years. (German 30 year Bund yields are two times as much!) London banks value the loans at somewhat less that 40%; making a gift of € 120 billion euro to Greece.
The third gift to Greece is some € 110 billion given to Greece through the back door of the ECB. This is money given to Greece by the ECB printing euros out of whole clothe of the Greek emperor’s new clothes in exchange for new Greek debt that again isn’t worth the paper it’s printed on. This will simply never be repaid.
The next gift is some “small change” of € 30 billion euros more. This comes from the EU giving another “loan” of some € 50 billion euros in the current crisis. This will suffer the same peanuts interest and terms as the other loans making for an immediate gift of € 30 billion the second its made.
And now the EU wants – yes wants – to negotiate giving Greece even more ! Does it really take an Einstein to recognize that “Insanity [is] doing the same thing over and over again and expecting different results”? And you talk of the U.S. being a land of crazies.