Simple Thoughts on The Greek Bailout and Coming Grekexit

·        Greece should have never become a member of the Eurozone.  They were inducted based on lies about their finances.
·        The imposed austerity was incompatible with Greek culture and the underdeveloped state of their institutions, such as tax collection, leading to serious economic contraction and very high unemployment
·        Just as some positive results were being realized, the Greeks lost patience and voted in a hard-left government which promised no more austerity, but continued Eurozone membership
·        Said government negotiated with the EU disruptively and undiplomatically, then held a confusing referendum on an expired proposal, after the current aid program expired, while defaulting on its IMF payment
·        After the referendum overwhelmingly rejected austerity terms by 61%, the Greeks return with proposals on Tuesday
·        The Eurozone and the EU, both voluntary clubs, can only exist if the member states adhere to rules affecting their sovereignty, which are more important than any single state that wants to break them, whether that is Greece or Great Britain
·        Inevitably, only those countries that desire to adhere to the EU rules can be members
·        If Greece wants to be a welfare state that wishes to move away from EU’s capitalist model and sees Russia and China as closer ideological allies than the West, this is their big chance


for more, though it might be not be the easiest read, try here: 

Thanks to my friend Alex Steele for his insights. 

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