Wednesday, October 24, 2012

But I Still Have Checks Left...

"We have not gone bankrupt because we still have funds remaining from the previous installment."

Thus says Greek Finance Minister Yannis Stournaras.  

Let's be clear.  Every Greek solution has left that nation with more debt not less.  

I don't usually discuss greater economic issues like the EU and world economy here but this bit is applicable as a parallel to the smaller scope issues relevant to this blog.  

Regardless of scale, the solution to too much debt is not more debt.  

The longer the underwater homeowner nation delays, the worse the consequences.  And make no mistake.  The lender nations are proceeding full speed to close off any possible exit strategies unfavorable to their positions.  

1 comment:

TJandTheBear said...

Amazing how such a commonsense truism escapes DC, Wall Street, etc. let alone Europe.