Well, there we have it. Greece defaulted on a loan repayment to the IMF, a paltry 1.7 billion, and all hell breaks loose. It looks as if Greece will drop out of the Eurozone, the sky will fall, and life as we know it will be wiped out. The Greek health service is already having trouble feeding patients as companies refuse to extend credit to the government. Not too surprising since the entire country is about to go bankrupt.
Here’s what I find mysterious and downright irrational. Greece has been borrowing money to pay off its debts. How does that work? If I had a 10 grand overdraft and went to my bank and said ‘Lend me 10 grand and I’ll pay my overdraft off,’ what do you think the response would be?
I’m betting they’d say, ‘Gerrardofit.’ They wouldn’t even countenance the idea, would they? Greece has been doing the equivalent of taking on a credit card to pay off another credit card.
Now we have to wait for the other shoes to drop. Spain’s looking a bit shifty, as is Portugal. Italy is perpetually shifty as an economy.
Brussels must be full of overpaid nobs dashing about like Chicken Little.
On a lighter note, I did one of those internet quizzes the other day to find out which of the Seven Dwarfs I am. Anybody care to hazard a guess?