Time for a bit more local politics:
This is going to be a very short post. There's no need to complicate on the damn subject.
I believe our fine (european) polititians totally screwed up on salvaging the Greek crisis - and they are still doing so.
The entire EU is generating over 12 trillion EUR GDP annually. Current Greek debt is around 580 billion. This sure is a lot of money. Nevertheless, to solve the Greek crysis a lot less cash is needed. The EU central bank could easily print the necessary cash before the thing got blown out of proportions. That together with no-further-loan policy would have cost us some single to low double digit percentage EUR devalvation and that would be it.
Instead we went and made a super drama out of the whole thing. The effect is that we already lost 20% of value against the U.S. dollar and there is still no sight of closure.
Not to mention that the americans are even more endebted, but currently they still manage to appear strong, especially through their lobbying (ACTA being a fine example of their ripping the rest of us idiots off). Looking at the situation it seems really hilarious. But I disgress. This is not a post on american debt issues.
The Greeks will have to learn that maintaining such high standards of living requires also generating the means for such standards. Currently many countries with a lot lower standards of living have to work harder to support their way of living and that is not right. I admire and commend the Slovaks for acknowledging the fact and refusing to support this.
Also French and German banks will have to swallow the bitter pill of knowledge that issuing bad loans can have negative effects on their business as well. I have no idea why supporting the very businesses that caused the current crysis (not talking just about Greece here) should be on top of our priority list right now. The EU as such should "nationalize" such idiot banks only to close them down gracefully and let the more responsible people / banks do business in their stead.
Total waste and utter incompetence. I don't see why they can't just do it already and be done with it.
