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Here’s the point, though. The EU and IMF bureaucrats overseeing the programme know that it’s preposterous, just as they know that the tax and spend forecasts are preposterous – and just as they know, deep down, that Greece can’t grow in the absence of a devaluation. The whole process is a farce, aimed at stringing out the crisis until the financial institutions exposed in Greece have shuffled off their liabilities on to the taxpayer. The moment governments and international institutions have taken over the banks’ debts, Athens will default. Everyone knows it. Why insult us with this choreography? Full story...
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Here’s the point, though. The EU and IMF bureaucrats overseeing the programme know that it’s preposterous, just as they know that the tax and spend forecasts are preposterous – and just as they know, deep down, that Greece can’t grow in the absence of a devaluation. The whole process is a farce, aimed at stringing out the crisis until the financial institutions exposed in Greece have shuffled off their liabilities on to the taxpayer. The moment governments and international institutions have taken over the banks’ debts, Athens will default. Everyone knows it. Why insult us with this choreography? Full story...
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