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Thursday, May 10, 2012

To WSJ: Get the Headline Right: “Europe [Does Not] Delay Bailout Payment"


The WSJ headline reads: “Europe Delays Bailout Payment.” If you read the article, it says that the Eurozone lenders  released only 4.2 billion Euro instead of the agreed-upon 5.2 billion. The remainder, Eurozone governments threaten, will not be paid unless Greece forms a coalition government that will honor its austerity pact.  Remarkably the 4.3 billion covers the 3.3 billion Greece must pay next week. The slow drip-drip torture continues.
There is no way Greece can form a government that will adhere to its austerity agreements. The Eurozone leaders might as well bite the bullet now and save a few billion Euros.

It is time to recognize that the heart patient is terminal. There is nothing to be done short of a heart transplant of a blank check.

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