all hail to the geniuses of the world of finance! they've finally looked into the future and see that the greek nation is FUCKED economically -- the result of unpayable debt and ruinous austerity.
UPDATE 4-Greek economy stuck in recession, complicating fiscal drive | Reuters: "ATHENS, Oct 3 (Reuters) - Greece will remain trapped in recession next year, threatening the country's efforts to cut deficits and claw its way out of a debt crisis shaking the euro zone, budget figures showed on Monday.you can't be serious, writing garbage like this, when the handwriting has been on the wall since crushing conditions were imposed on the country by the IMF. greece is locked into a draconian program of austerity and asset sales to satisfy its creditors -- who themselves are leveraged so precariously that a default has the potential to bring down the entire financial house of cards. curses, counterparty risk!
The economy will suffer a fourth consecutive year of contraction, shrinking by 2.5 percent in 2012 after an expected 5.5 percent slump this year, according to the 2012 budget draft submitted to parliament after talks with international lenders.
The grim numbers are in line with recent forecasts by the IMF, but much worse than forecasts used in July to calculate a second, 109 billion euro rescue package which anticipated a return to 0.6 percent growth next year."
of course the austerity is driving the greek economy deeper and deeper into a hole. if greece had its own currency, it could use the standard finance ministry bag of tricks to stimulate economic activity, putting people to work and cash into their pockets. without something to gin up demand for goods and services, how is the economy to work its way out of depression?
the bottom line is, it can't. greece is stuck with either a lot more pain for a lot more years, or they can try something else -- outside the eurozone, perhaps, and out of the insatiable hands of the international banking cartel.
a bigger concern is what happens to other places that are put on the same regimen as the greeks? like the americans, for example. if the koch brothers and their fellow travelers in the oligarchy that controls the US government push through a program of draconian austerity measures, coupled with firesales prices for government and public assets, then the people of the USA will find that their fiscal situation is just as predictably dire as that of the greeks -- and any other nation's people that is foolish enough to fall for the lies of bankers in their crusade to rule the world.