|Look, the numbers are going up! Yay! Oh, wait. That's the interest they're paying on their ginormous debt. Uh oh. |
So the Greeks borrowed and borrowed and borrowed. Every time it looked like they were going to go bankrupt, the Euros found a new way to slip them more money. Lots and lots of meetings were held in which Ivy League types (or Euro equivalents) in expensive suits talked with each other about credit extensions, quantitative easing, debt restructuring and economic reforms. No money was ever actually paid back. More borrowing took place.
Now we're at the point where even the dimmest Peronist fascist is starting to recognize that the Greeks are never going to be able to pay their debts and icky words from the Real World like default, bankruptcy and liquidation are starting to be used about Greece. (Those are words a good post-modernist should never have to hear without a ton of Trigger Warnings.)
To top it all off, the finance minister from Europe's fiscal clown car country, Italy, decided to take to the airwaves to say this.
Italy’s finance minister on Thursday warned that Greece’s worsening cash crisis could push the country into an accidental exit from the eurozone as time runs out for Athens to reach a financing deal.That's game over right there. When the Italians start dunking on you over your debt, you're finished.
“Negotiations are difficult, liquidity is getting short, so under pressure it’s more likely that an accident can happen,” the finance minister, Pier Carlo Padoan, said in an interview.
* - Said geniuses are too busy right now worrying about grown men having access to the widest possible array of cakes to sweat trivial things like the international banking system blowing up.