Thursday, October 20, 2011

No Deal on Greek Bailout

No Deal in Sight: Germany and France Divided over Euro Bailout - SPIEGEL ONLINE

Who would have thought that the Germans and the French would have problems agreeing on things?

The Germans don't want to bailout Greece, but appear to be willing to do a little. (Not the level France wants, but then France isn't that far away from needing help itself.)

The Greeks don't appear to want to get their bailout package. BBC News - Clashes erupt at mass rally over Greece austerity bill

So I have to ask. Again. Why not just let Greece leave the Euro? Then they can go happily bankrupt without taking the rest of Europe with them. And the do want to go bankrupt.

No doubt you have heard how horrible it is that the Greek government is proposing limits on collective bargaining in the private sector. But you see, the Greek economy is not very efficient. Because work rules are stuck in concrete. (Also known as union contracts) That keep it from modernizing.

But hey, that's their business. It wouldn't bother me at all if the problem would be OVER, and not scaring US markets.

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