The way I see it, Richard said putting down the newspaper, those Greek fellows have been living high-on-the-hog and paying for it with borrowed money for years and now half the country’s on the public payroll and the other half’s getting lifetime government pensions and now they can’t borrow anymore so they don’t have the cold hard cash to go on paying all those people.
There’s one more problem, ole’ Will Patton grunted. Those bankers they owe mean to get paid and they’ve dragged us into it.
Back when the United States bailed out Greece the first time the International Monetary Fund told the Greek politicians, You’re going to have to pass some big tax increases and spending cuts. And the Greek politicians agreed. Which led to riots in Athens.
Anyway, the tax increases and spending cuts didn’t turn out to be big enough.
So, now, a second bailout’s underway only this time Germans announced with Teutonic stubbornness it was time for the banks to step up and help straighten out this mess by giving Greece seven years to repay its debts.
Of course that didn’t sit well with the banks (who have their hearts set on getting bailed out) so they wailed, Panic will spread. The financial markets will be rocked. Chaos will reign – and, like always, it worked. The gnomes of Zurich routed the German politicians. So, now, the bankers are getting paid off by us (and the Europeans) and the Greeks are getting their taxes raised and pensions cuts and up in Washington we’ve been borrowing and living high-on-the-hog for years too.