The GreeceFire: Look Over There!
Thursday, February 11. 2010
Posted by
Karl Denninger
I'm sorry, but this is just too much
for the morning....
Euro, stocks fall as markets eye Greek plan details http://www.marketwatch.com/story/eu-...ews-2010-02-11
Standing next to European Commission President Jose Manuel Barrosso, European Council President Herman Van Rompuy read out a statement saying that no direct aid will be delivered to Greece but that European governments stand ready to assist the country if needed.
The European Commission and the European Central Bank will monitor Greece's budget cutting efforts -- a first assessment will come in March -- and the International Monetary Fund will provide technical assistance.
We should really pay close attention to this developing disaster - both at a state and feral, uh, federal level - but we won't.
Specifically, Greece is in this mess due to out-of-control spending on pensions, public employee wages and "social" benefit programs.
Are you hearing the whines of "oh but it's for the chiiiiiilllllddddreeeeen!" yet? No? Oh wait - they just went out on strike!
You have to love the insanity of governments generally - those workers who are bankrupting the government go out on strike to.... wait for it now.... make sure they can keep bankrupting the government!...
Continues: http://market-ticker.denninger.net/a...er-There!.html