Chart of the Day

... comes from Der Spiegel where they're blaming Angela Merkel for the Greek crisis getting worse. How it's Angela's fault is totally beyond me, but this chart shows how saving the Greeks (and Portugese and Spaniards and Italians and Irish) is going to be an ongoing saga. Click on the image to see it full size.


Month after month after month, the profligate PIIGS will have to refinance the loans they have coming due. With the Greeks facing interest rates about ten times what they were when they originally borrowed, refinancing will be excrutiating every time. This story is nearer to the beginning than the end, no matter what rabbits Angela Merkel manages to pull out of the German hat.