News. BRUSSELS (AP) — German Chancellor Angela Merkel praised a hard-won deal to rescue heavily indebted Greece from its financial woes, insisting Friday that it will steady the wobbly euro and showed that Europe could cope with the crisis despite having asked the International Monetary Fund to join in on a bailout package.
My point.The Greeks, like GM workers, thought they had it made. Ask, get great benefits, defying the low of economic gravity.
Now the time has come to pay the piper. The banks and other bondholders will have to be payed a huge interest bill. The Greeks will have to pay. The wealth and comfort they achieved has to be payed back. Like for GM and other companies, it is going to be painful.
This is the problem with big deficits. They tell how much money will have to paid to the piper. The bondholders, that is.
Brace yourself. All the benefits we were given, are going to be taken away slowly. Either through higher inflation or higher taxes, or both. The piper has to be paid.
George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
Ranked Top Market Timer in 2009 and 2010 by Timer Digest
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