The European Union has just kicked the Greek crisis down the road with an €86 billion [$96 billion - ₤62 billion] euro bailout supported by draconian austerity measures. The plan is to stabilize the Greek economy in 3 years’ time and ensure repayment in full of the national debt. The EU is just whistlin’ Dixie. It just ain’t going to happen.
Christine Lagarde is right in predicting failure and calling for debt forgiveness. Angela Merkel is wrong in demanding repayment in full and denying reality.
I am not Paul Krugman, the Nobel Prize winner, New York Times columnist and Princeton University economics professor. Nor am I Christine Lagarde, the head of the International Monetary Fund, Angela Merkel, the German Chancellor or Wolfgang Schäuble her Finance Minister - all of them with advanced university degrees, all players in today’s Greek tragedy. The best I can offer is a year of university economics and a nodding acquaintance with division and multiplication.
But by applying basic arithmetic I come to the conclusion that Greece is the land of the Walking Dead, death defying financial zombies and here is why: