Tuesday, August 20, 2013

Shock: Greece will need a third bailout

And a fourth and a fifth... until people decide to stop throwing good money after bad. Greece is the Detroit of the EU. They are broke. They owe more money than they can repay. Period. They have already defaulted on their debt. It's long past time to just let the country go bankrupt so they can begin rebuilding and healing. Yes, that will mean a lot more near term pain. But this is a situation where there are no good alternatives. Bankruptcy is the least bad and the only one that holds out the hope of eventual recovery.

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