Greece Is About to Run Out of Money and It Is Not Going to Make Much of a Difference

Greece and Brussels

Greece European BailoutWatching the Greek drama in the Eurozone unfold, it is pretty much like being in a car and watching your car slam into a wall in slow motion. You know exactly what is going to happen. You know that it is really a waste of time and emotional energy to worry about. It is going to happen. You really don’t have much choice over the matter. It is not like you have a lot of options on the table.

The reality is that the Greek government simply cannot get out of its spending habits. Moreover, there is no political pressure on the ground for real austerity measures so that Greece can avoid running out of money. Greece is eventually going to run out of money and it is going to run back to Brussels with its hat in its hand for another bailout.

The powers-that-be, meaning the Germans, are sick and tired of bailing Greece out. Unfortunately, Germany has only itself to blame. Germany, as you know, is the primary beneficiary of the European monetary union. The biggest losers are Mediterranean countries.

There is a big cultural difference, at least as far as money is concerned, between Mediterranean countries and cold northern countries. Some of the best managed economies, as far as savings and fiscal efficiency are concerned, are in colder countries. This is one particular culture clash that the geniuses behind the European monetary union didn’t consider.

The only real solution which nobody wants to touch is to give up a large chunk of fiscal sovereignty for the European union to exist. Its current members want their cakes and eat it too. They want their political sovereignty, but at the same time, they want monetary union. That is not going to work, and Greece is just the tip of the iceberg. The whole European union experiment will finally fall apart once Italy starts going under, and Spain right after it.


  1. Keep strangling the Tsipras government. Oh ho hum. Does the TROYKLE want the old politics Samaras negotiators back…

    Greece Leader of the Opposition, New Democracy’s Antonio Samaras’ closest associate, his right-hand-man and chief fundraiser Stavros Papastavrou linked to secret 550 million Swiss bank account:
    In an interview leading into the 2015 election he tells interviewers he is absolutely sure of a win. He can feel it between his fingers:

  2. Thats the reason we Norwegians never would join the union. We are doing much better on our own. We hate unions after the unions with first Denmark and second Sweden. To get out of the last union we had to put a bullet in the forehead of the Swedish king at the time. The next king would not take the same risk, and now Norway is a prosperous country.
    But, in Norway there are rules and systems thats also covers taxing of income. The Greeks, Italians and the Spanish have never tough about that as important. Now they will find the fact.

  3. Somebody who gets it. I suppose Greece will go on blaming everybody else for its own failures. Well, the chickens are coming home to roost. Maybe the Chinese will bail them out …

  4. A rather trite and wholly inaccurate view.

    1. Mostly French Banks directed by President Chirac cheated Greece into the euro so that French companies would have first pick of Greek National Projects.

    2 Why would responsible Banks give literally hundreds of billions of euro to Greek banks to pay for French acquired National Projects when they knew not even a tenth of the loans could ever be repaid?

    3. In the years of the Troika’s rule – no Greek hands were allowed anywhere near expenditure – yet – Greek current debt more than doubled.

    Remember this is the EU – corruption is naturally built in –


Please enter your comment!
Please enter your name here