Monday, July 6, 2015

The Greeks Don't Want No Freaks

After five years of trying to pay back a crushing debt and being at the mercy of a banking cadre that was out for blood, the people of Greece told the European Central Bank to stick it.  The Greeks voted no on a bailout that came with essentially surrendering what little remained of their sovereignty.
The leftist government of Prime Minister Alexis Tsipras has won a big victory in maintaining power, but now comes the hard part - trying to figure out a way forward to get Greece out of debt and reverse an economy as sour as two-week-old goat's milk.   The Greeks may have to give up the euro and go back to the drachma,  which would most likely end up being practically worthless in comparison to the euro or the dollar, but the voters have made their point.  The Greeks have been under the thumb of creditors and bankers for so long, and they've put up with it as much as they can . . . and now they're not going to put up with it anymore.  The country is in a severe recession, and most if not all of the economic decisions for Greece have been made elsewhere.
The Greeks, in a word (or two) have had enough.  And the backlash in international markets is only just beginning in eastern Asia.
The market's bottom is falling right out, and only the strong will be survivors.  Prepare for interesting times. 

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