Tuesday, March 9, 2010

If Papandreou Doesn't Want U.S. Bailout Money, What Is He Doing in America...

...while his country is on the edge of total financial collapse?

Nemo has the best perspective on this:

Greece lied about their finances to join the Eurozone with a little help from your friendly neighborhood investment bankers. You might think that if you joined a club by falsifying your application, you would get kicked out, not bailed out. But you see, some of this bad Greek debt is on the books of Eurozone banks, and they cannot afford a second crisis at the moment because, let’s face it, the first one never really ended. As the old saying goes (apologies to J.P. Getty): If you owe Eurozone banks €100 million, that’s your problem; if you owe Eurozone banks €100 billion, that’s Angela Merkel’s problem.

So Merkel and Sarkozy want to bail out Greece, except they don’t because they would face riots in their own countries. (Well, not literally; Germans never riot because they’re German.) It is sort of funny. If France or Germany hands billions of Euros to Greece, their voters will go ballistic. But if the U.S. hands billions of dollars to the IMF and the IMF hands billions of dollars to Greece, Americans will not care, because who knows what the heck the IMF is and what it does, anyway? Americans are a wonderful people. If they understand what is happening, they will either panic or start shooting at you. So it is vitally important to make sure they always wander in a state of confusion long enough to run into a television set.


  1. Maybe he needed to go to a real estate closing at Goldman Sachs.

  2. In fact, Germans do riot just fine, and when they do, it's everyone's problem, like it was about 80 years ago. Their riot threshold is relatively high though. But if we're historically more or less in the 30's again, it would be historically unwise and unfortunate to witness rioting Germans.

  3. Greece never really met the requirements of the old EC, either. It's in the EC/EU for sentimental reasons. It's been a pain in the butt every since. Stirring up trouble with Turkey, and generally acting silly :)
    They have always been the Brats of the Balkans

  4. Anonymous: Germans have regular riots on fixed dates, most of the time! They are planned and scheduled almost a year in advance most of the time :)

    May 1st
    Chaos Days

    Germans can't do anything without a schedule...