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Tuesday, February 21, 2012

Another day in the Greek soap opera...

Another day in the Greek soap opera...  A reason to 'Hope'.. yes we know we've pooh-pooh'd the term viciously in a precious post but cut us some slack at A&G... Monday was a depressing day.

Less than 24 hours ago, evil, self-centered Greek politicians worked in concert with European and global banking interests to destroy Greece once and for all via a 2nd bailout 'officially' at €130bn but really at €245bn.    

Yes, Monday was a downbeat day to be sure... especially because banks, investors and the market were so upbeat on the news, and any time they're smiling, it must be something awful...

But, alas there's hope it will still unravel and Greece will default by March 20th:

"At a G20 summit in Mexico in two days the EU will plead for increased IMF contributions by non-euro countries to help shore up a eurozone "financial firewall" seen as vital to protecting Spain and Italy from Greek debt contagion.  The IMF will refuse to make extra cash available to the EU and will threaten to pull the plug on its contribution to Tuesday's €130bn bailout of Greece unless the eurozone creates a €750bn fund, a move opposed by Germany...

"Germany has opposed previous calls to merge the two funds because it will increase Germany's liability and exposure to a eurozone default by 50pc, an issue that threatens a serious Bundestag backlash or revolt against Angela Merkel's effort to get agreement on more aid for Greece."  -- Telegraph UK

We've all been down this road before, and the baddies seem to win so often that it seems foolhardy to get snookered in to all the day by day news...  but even though we lampooned the word a few days ago, A&G is hopeful the bailout will be derailed and the financial world be Forced to swallow some very Bitter medicine starting in late March.