Monday, July 6, 2015


...and to the Euros tell, that faithful to our code, WE BUGGERED OURSELVES!

In one of the great acts of national stupidity the Greeks voted, "NO."  I have absolutely no idea where this goes from here but it will probably be no place any good.  The Germans are immediately taking a hard line but that is to expected.  Any deal that was on the table is now kaput so it's back to the drawing board for all intents and purposes.

The Greek economy will be back to shells and beads by the end of the week unless the ECB does something that they are supposedly unable to do by law and charter--not as though that always counts--but will be completely out of the picture if the EZ declares Greece in default any time soon.  Unconfirmed rumors had the UK flying to the rescue with plane loads of Euros...mind you, it is what the Brits like to call the "silly season," and one should keep in mind that they don't have Euros they have Pounds, but more importantly the tests for the Ashes begins shortly and unless the Greeks have a pace bowler for rent the Brits will have no interest.

One good thing that came out of yesterday was the "resignation" of the Rock Star, Varoufakis, who simply became too much for anybody.  Cleverly blowing his brains out by informing a British Newspaper he was planning on issuing IOUs, thereby guaranteeing the end of the Euro, his boss had no option but to plop his butt on his motorcycle (A "HOG?") and point him out of town.  Unfortunately, Tsakalotos, who had been appointed chief negotiator took his place.  A completely died-in-the-wool leftist academic and politician, he will have a bit of a time getting up to speed but at least, from what I have heard, he can be pleasant.  Now it would be useful if the Greeks kept in mind that 3000 years ago they were the smartest bunch around but since then a lot of us have caught up.  They might also think about the fact that arrogant dead-beats are generally not found in polite company.  They need the Euros, not the other way around and if they needed confirmation they need but look at market reaction today.  Nada.  No one cares.

Anyway, there's another pow-wow in Brussels tomorrow so we might as well wait and see what comes out of that.  I hope it doesn't turn into a food-fight, I really do.  There is still a way out but a good deal of humble pie is going to be served...on both sides.  There is no Baklava on this menu.

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