So I haven’t done a Greek update in a while, since after Greece caved into the inevitable (Newsflash: broke people generally do not have leverage over those lending them money), it was all over but the shouting. Now that Greece and its creditors supposedly have a third bailout deal inked, and Greece settles into its clearly defined misery, let’s take a look at exceptionally bankrupt Greece these days, shall we?
Via Zero Hedge comes former Greek finance minister Yanis Varoufakis’ detailed review of the bailout agreement. It’s a mixture of self-serving lies (trying to distance his own Syriza party from the horrific economic mess they made acutely worse) and brutal truths (about just how screwed Greece is by the agreement).
Speaking of Varoufakis, it looks like he’s going to be up on hacking charges…for preparing emergency plans to float the drachma.
Oh: He also says the latest bailout deal won’t work. He’s not wrong…
Greece’s economy miraculously grew in the second quarter. But that was before the full effects of the crisis were reflected…
Greece’s tax revenues have collapsed.
Greece’s manufacturing sector fell off a cliff in July. Funny how that happens when your banks are closed and you can’t pay for goods.
Greece faces two years of recession. That part’s probably true. But that primary budget surplus? Yeah, not so much.
“Greece’s banks just made the mistake of being banks in Greece.”
After all that? Greece still isn’t fixed.
To add a cherry on top, Greece’s refugee crisis continues to grow. Because it’s still safer to live in bankrupt Greece than the Middle East…
Tags: Budget, Euro, European Debt Crisis, Foreign Policy, Greece, PIIGS, Syriza, Welfare State, Yanis Varoufakis, Zero Hedge
This entry was posted on Thursday, August 13th, 2015 at 1:12 PM and is filed under Budget, Economics, Foreign Policy, Welfare State. You can follow any responses to this entry through the RSS 2.0 feed.
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