Screw the Greeks! Save The Banks!

"Greece is the epicenter of a drama that threatens to unwind with all the intrigue and subterfuge of ancient Greek myths and tragedies. As with the legend of Icarus, big, and now bigger, transnational banks provoked the gods with their wax-and-feather financial fabrications to create the appearance of soaring wealth. Now that they have flown too close to the sun and their wings have melted, these banks are being brought to earth by the obligations and consequences imposed by their fabrications.

Rather than take responsibility, these banks seek to appease the gods by sacrificing taxpayers. In fact, if one looks closely, these banks aspire to be gods themselves. They clothe themselves in their indispensability and shield themselves from accountability with tales about how many innocent citizens will be hurt if they don’t get their next bailout. It is as if they say, “We are above the law… We are the law.” Mathematics, legal enforcement, restraint, humility all must fall under the sword of their hubris."

http://www.oftwominds.com/blogfeb12/Greece-default-Zeus02-12.html

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The point we cannot emphasize sufficiently is that Greece is not being bailed out. Workers are losing their jobs, wages and pensions. Taxes are rising. The economy is contracting. We learned today that GDP was 7% smaller in Q4 2011 than in Q4 2010. For the entire year, the economy contracted 6.8%. The government has assumed a 6% contraction in 2011 for this year’s budget forecasts.

The fact that the VAT proceeds fell 18.7% in January is unlikely to reflect tax evasions as much a dramatic compression of demand.
If Greece is not being bailed out, where are the funds going? The vast majority of the aid money is going to service Greece’s debt. It the German proposal to set up an escrow account materializes, it would tear the veneer of illusion off the Greek bail out story and reveal the true beneficiaries of the aid is not Greece but its creditors.

http://www.creditwritedowns.com/2012/02/there-is-no-closure-in-greece-whatsoever.html?