Beware Eurocrats bearing false gifts

I return to one of my favourite subjects, the probably most insolvent member of the European Union, Greece.

Apparently the EU has determined that Greece is over the worst and is ready to leave the European financial support programme.

The country is doing so well that Greece is to receive an extension of time to repay £85 billion of loans and will also have an extended period where no or little interest is paid on outstanding loans.

They also got another £15bn of new loans to help them on their way.

The economy is allegedly stabilised.

  • a)The national debt is estimated to be 180% of GDP, being £261bn
  • b)The IMF did not participate in this latest financing, surprise.
  • c)Tax evasion is estimated at between 6% and 9% of GDP, between £9bn and £13bn

Having reached this point Greece it has now been determined that it is ready to access international money markets.

Are they now going to borrow from someone else to pay back the EU?

You couldn’t make it up!

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