Greece will go bankrupt

Greece will go bankrupt, as it has no chance of repaying its debt. The only pending questions are when and how this will happen. The efforts of the European Union, lead by Germany, to save the Greeks, look ridiculous and hopeless.Greece is now in a no-win situation. If the Greek government implements the massive budget cuts demanded by the EU (the EU has appointed a puppet Greek prime minister to carry out this task), we can expect this scenario: budget cuts will result in more unemployment and more bankruptcies which will mean less tax revenue and the need to extend the deficit!In the unlikely case that the Greek government gives into its citizens? demands and does not cut the budget or raise taxes, the country will remain in its present economic crisis. So whatever the Greek leaders do, they are booking a one-way ticket to bankruptcy. The efforts of the EU to ?buy more time? are simply pathetic.The day after Greece declares bankruptcy, finance companies will have to cancel billions of dollars of debts. France and Germany alone own 50 billion dollars of Greek debt. The problem here is that after the collapse of the Greek economy other debts and problems will appear.And Greece is not the worst case. There is a greater crisis, which threatens to provoke the biggest global depression since the 30?s: Spain. The main fear following the Greek debt emergency is that investors will tag Spain as their next target.Spain, with huge debts and a staggering unemployment rate of 21% (40% amongst young people), is bleeding. The EU is doing everything possible to keep Spain?s economic situation out of sight. It?s another reason why the EU cannot let Greece collapse.The debt of Spain is like a bottomless pit. If Spain declares bankruptcy, it will devastate not only the European economy, but the entire world?s economy.The financial aid Greek is supposed to receive will not help. One must keep in mind that this aid is just another loan. Here is a country which cannot pay its current debt ? and what is the EU solution? Expanding that country?s debt! Brilliant!The EU ?rescue money? for Greece can merely buy some time and briefly postpone its inevitable bankruptcy. The show has just begun!

Source: http://www.tayyar.org/Tayyar/News/WorldNews/en-US/greece-bankruptcy-cg-322.htm

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