Sunday, July 5, 2015

Greece Says "NO"

The Greeks voted "No" today on the EU's bailout proposal. Honestly, I hope their lenders hang tough and force them out of the euro zone. It may be necessary for NATO to eject them as well.

Greeks need to figure out how to cope without handouts, or find another "patron" who will pick up their tab. Much as he might wish to, Putin probably can't afford the luxury of carrying them while oil prices remain low and Ukraine remains an open wound.

I predict Greece will find new borrowing nearly impossible and/or prohibitively expensive. Pride is costly and often painful.