Greece is broke

Reader JJC provides some insight on Greece. The same pretensions are going on in other European countries and in the US. Greece is merely further along than others, although all are headed for the same fate. The days of “extend and pretend’ are nearing an end in Europe and in the US.

The Greeks have shown an unflagging ability to obscure and outright lie regarding their finances.

Rumor has it that Finland wanted the Parthenon as collateral before they would loan any more money to Greece.  The Greeks balked at that, understandably.

Now the rest of the EU is lining up trying to secure hard assets for their bailout money

earmarked for Greece.  The entire agreement is at risk of being delayed indefinitely or blowing up.  Yet, who can blame them?  Loaning money to Greece is the same as just giving it to them, you’ll never get your money back.   so now, in an effort to please the hard asset crowd, German newspaper Handelsblatt reported today  that EU leaders were considering bank shares as collateral.

Oh boy.  Greek bank assets as collateral?  What’s that worth?  Probably as much as the change lost inside the seat cushion of my couch.  OK, then, what’s next?  Cattle, sheep and other livestock?  How about olives and feta cheese?  A few goats?  How about a national garage sale?

Are any of these dolts listening to themselves?

Greece is broke.  Bankrupt.  Insolvent.

What’s worse is that there is really no means of that nation growing out of its debt or being able to service its debt load in a short, medium or long term fashion.

File national bankruptcy, default on your debt, get out of the Euro, and go back to being a beautiful and pleasant, but sleepy southern backwater.