The inability of Greece to avoid spending more than its income is a perfect example of what normally happens next. Bankruptcy is the normal result !!!
Every businessman, every shopkeeper, every head of the household knows he will lose everything if he cannot pay his creditors.
EU politicians, alas, are a race apart. They have visions of a future which will be much better than the present. It is a single currency Europe which will become a federal state, probably called "The United States of Europe" (USE).
For this reason Greece was saved from bankruptcy and prevented from abandoning the SACRED EURO. EU politicians agreed to lend Greece 110 billion euros to give Greece the time to get its house in order. One year later Greece required another 110 billion euros !!!
It would appear that the requested money was promised, but in fact the payment has been withheld because EU politicians are bickering amongst themselves. No one seems to know exactly what the real problem is. Speculation is rife !!! One can imagine that there are numerous international telephone calls !!! There are no official communiquées.
Speculation seems to be that leaders have realized that the current EU treaty must be revised completely before the "USE" can be proposed. This of course would take time. With this in mind, it would perhaps be best if Greece is allowed temporarily to abandon the EURO and in this way get its house in order !!!
This would be an admission that it was wrong last year to have given Greece a loan of 110 billion Euros which must be considered a total loss. Stopping the payment of the second 110 billion would save money and would be better for the health of the EURO !!!
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