NUTS AND BOLTS: SHOULD READEU Manages To Extend Greek Debt Crisis At Least Two More YearsAfter another late night session, Greece and the Eurogroup agreed to a new bailout deal that would give Greece $11.5 billion. Most of the money would be used to pay off old bailouts which only sounds like throwing good money after bad money because it is. In return, Greece a country suffering from a depression, will undergo more budget cuts, ensuring it gets an even deeper recession. Very productive. Meanwhile, the contentious issue of writing off Greek debt was delayed until 2018 when everyone who agreed to this deal will, hopefully, be long retired. In fact, the deal was so bad even the IMF didn’t want any part of it. Good news? At least it wasn’t as contentious as last year’s negotiation. |