For almost two years Greece has been buoyed (prevented from drowning) by EU and Eurozone countries to prevent it from declaring itself bankrupt. Greece has been lent much more than 150 Billion Euros almost against its will !!!
Why ? Because EU leaders wanted to avoid an attack on the EURO in international money markets !!! In the meantime Greeks have suffered from budget restrictions imposed by the "EUROZONE" and have not been able to impose deflationary measures on internal costs.
Greece is now not any better off than it was two years ago !!! EUROZONE Banks, and even EU banks have lent money to Greece on Government "orders" or "encouragement" and in the end will have lost at least 50% of the money lent !!! To be quite blunt, taxpayers in the "EUROZONE" will suffer for the losses from a Greek devaluation !!!
It is to be hoped that Politicians have finally understood the basic principle of bankers laws, "You should not lend money to a bankrupt" !!! There are other EU countries which have financial difficulties at this very moment. They are watching the Greek situation !!! And so are Financial Undertakers , i.e. Liquidators !!!
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