I returned from France late on Friday to find nothing much had changed. The Greeks need yet more money, Dave is supporting the Euro for all he is worth and Annabelle Fuller is keeping UKIP's profile to the fore in the Sunday Mirror, click on link to read. I do hope for their next piece the Sunday Mirror research Ms Fuller more fully.
The Greek situation has been like a slow motion car smash for many months but slowly it is dawning on the media that this crisis loans are all about trying to save the Eurocrat's faces and highly paid jobs rather than helping Greece. Indeed the current extra loans can only worsen things for the Greeks. The money will go straight to the banks and Spiros will be left to foot the very large bills. Its the usual privatise the profits and nationalise the losses that bankers love as it keeps them in bonuses.
To this end I read with some amusement the article by in today's Sunday Telegraph by Jim O'Neil chairman of Goldman Sachs whose solution is to issue common Euro bonds to fund roughly 50% of Greek debt at near German interest rates. That's called talking your book in the City with lots of lovely commission for Golden Sacks selling such bonds and of course receiving the money for all that Greek junk that Goldman's and vulture funds have been rumoured to be recently buying. Its an ill wind that does not inflate the bankers bonus pool.
As I wrote months ago the Greek tragedy will be played out like the Athenian boule of 500 BC on the streets of Athens. Its easy enough to get the well paid and cosseted political elite to vote for austerity that will not affect themselves. Its a quite different thing to eradicate the rampant Greek tax evasion that such austerity measures need if they are to work. A default by any other name will be just that.