RANT: Greece Set To Default

Greece is on the verge of defaulting on its massive debt.



(Cartoon courtesy of teamofmonkeys.com)

According to the Guardian online newspaper: "European leaders bowed to the inevitable and conceded that Greece is likely to default on its massive debt burden, which would be a first among the 17 countries using the euro."

A first to default, yes, but will it be the last? It hardly bears thinking...
The article continues: "As recently as last week, eurozone ministers stressed the need to avoid default in Greece, indicating the rapid shifts under way in an escalating crisis."
When the perceived issues with regard to the debt of a sovereign nation change on an almost day to day basis...well, then one must know that there is some SERIOUS trouble going on.

This is bad - really, really BAD.

The Guardian continues: "Accepting that a Greek default was now impossible to avoid, EU governments are hoping it will be brief and "selective", not triggering a "credit event" on the financial markets that could wreak havoc on the credit default swap markets, also in the US, and unleash contagion."

"Brief"? How will that ever be possible with all the crippling cuts to public spending that have been imposed on an ailing Greece? And "selective" to whom? Or rather, for the benefit of whom?

As Greece teeters (and I mean REALLY teeters) on the brink, one must ask: why did it all come to this? Was this fiasco really necessary?

And why now the sudden (desperate? pre-planned?) pledges by the EU powers-that-be to force private investors holding Greek debt to take a 'haircut' and alleviate Greece's debt burden and other concessions that, SURELY, could have been demanded much sooner than now, this late in the damn game?

Or was it all on purpose? The selling off of Greece at fire sale prices to foreign scavengers? The pre-meditated neo-liberal economic hacking of every social program and social welfare 'luxury' afforded to Greek citizens for the good of American and European (mostly German and French) banks and other speculators? 

Now that would make a lot of sense...

Do you get my point?