A Silly Deal

The Greek bailout announced overnight is ridiculous and will not avert plunging the Greek economy into chaos. It will only be a matter of a few months until this deal will create political conditions in Greece that will shake up the Eurozone. There is simply no way the Greek citizenry will abide this deal.

Meanwhile Merkel and Sarcozy will take a victory lap for nothing. Note that on the bailing side is the IMF, of which the biggest single donor is the US taxpayer. So, Obama has stepped the US into this quicksand and dragged the US taxpayer in with him.

No one wins with this outcome. But, it will look like a win to the politicians ... for a while.

The only apparent winners are the French and German banks. But, their victory is only temporary until this deal unravels as it smacks up against reality.


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