click on chart for sharper image
The following email was to a reader of mine. The email comments on the state of affairs in Greece as well as my proposed Way Forward.
"No Dreams and Nothing to Lose"
Nothing to Lose writes ...
I don't give a **** for politicians, I just care about my country.No Vote Explanation
I am a 30 year unemployed person with a bank account that has less than $10,000 left. What do I have to lose?
I don't have dreams for my life anymore. And I haven't even begun to live. For 5 years we suffered, and we are no better off.
Before the IMF came, Greek debt was around 118% of GDP. After two bailouts, debt is now close to 175% of GDP.
Is that progress?
The official unemployment rate is close to 30%, imagine how much the unofficial might really be.
More than 10,000 have committed suicide. That's about 1/1000th of the population.
They just don't let us breathe.
This picture Sums Up the Bailout Success.
Finance minister (Mr. Varoufakis) said today that an IMF report showed the debt was unsustainable from the start and that financials wouldn't get better even by 2030.
I don't know if the changes your friend proposes will be done.
At least Tsipras is young and unlike of most of the politicians that are deeply corrupted and bribed. Some politicians that have been in the government for the last 40 years have accumulated wealth of more than 2 billion US dollars and have more than 50 houses.
The media propaganda to vote 'Yes' last week was disgusting and more than obvious. Politicians that were hiding in their caves for more than 5 years came out to talk people into voting 'Yes'.
Even politicians from other countries encouraged us to vote for 'Yes'. How would you feel if our politicians encouraged the US citizens to vote for a specific US president?
I expect Tsipras' government to fall because most ensconced EU blackmailers simply don't want him. Perhaps they just to get rid of him once and for all. If they back down and Greece wins something out of the situation, Spain and Portugal could be next.
No road is easy, but I prefer to be free and poor than some banker's or a German politician's economic bitch slave.
I want all of them to get the f*** out of my country and let me be. I also want all the corrupt politicians in jail. Do I ask too much?
85% of those 18-24 voted 'No'. 72.3% of those 25-35 voted 'No'.
The email from "Nothing to Lose" explains the overwhelming 'No' vote perfectly well.
Why should those not at all responsible for the mess suffer just so that some banks and bondholders could get paid? After all, that's who really got bailed out. Greece was not aided in the least.
Nor was Greece overwhelmingly to blame as I noted in ZIRP to NIRP: Virtues of Germany vs. the Vices of Greece; What About "Speece"?
If you think Greece is largely to blame, please click on the preceding link for a strong rebuttal.
Yet, the nannycrats in Brussels and Berlin still don't get it. The odds of contagion are very high. Next up: Spain, Portugal, or Italy.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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