Bailout Lies Couldn't Save Greece From Getting Downgraded to Junk

Tuesday, April 27, 2010 , , , 1 Comments

Hey, what happened to that bailout that Greece was going to get? You know, the one we've been hearing about for weeks on end while at the same time seeing chart after chart showing Greece doomed to an awful slog to normal (and that's only if they can manage 6% GDP growth year to year - bwhahaha! The world does not need that many hairy guys and feta cheese, sorry).

Oh, sorry, even though Standard & Poor's gave Greek debt the dreaded junk rating, we're still apparently talking about a bailout. Sure OK.


Greece wants a quick conclusion of ongoing talks with the EU and the IMF to get a 45-billion euro aid package rolling in, the country's government spokesman said on Tuesday.

"We are doing everything needed, and are looking forward to a quick end to negotiations for the agreement to be concluded and funding to roll in," Petalotis told Reuters.

Earlier on Tuesday, S&P downgraded the country's bonds to junk status.

"The downgrade proves that this is a wider, European problem, not just a Greek one," Petalotis told Reuters.

Just because JDA is a helpful girl, I'll go ahead and explain what "ongoing talks" means - it doesn't mean that the IMF is discussing how much and when, it means that Greece and the IMF have to come up with a way to get a bailout together that won't compromise the entire foundation of the EU. Good luck with that cluck mission, if I am not mistaken we learned very early on that a Greece bailout would be expressly forbidden under EU agreements. Like "the law" ever stopped the IMF before, they're just having an "ongoing talk" about how to pull it off without starting some kind of European stand-off.

Hey America, if you're sitting there laughing at those darn European bastards, how about trying a little humility and taking notes instead? After all, we're not that far behind them and by that point, the IMF will be needing their own bailout if things keep up like this.

Yay recovery!

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


W.C. Varones said...

Laugh it up, Americans.

The U.S. is the biggest contributor to the IMF. So the more Germany refuses an E.U. bailout, the more the U.S. is going to end up funding the bailout via the IMF.

Bastards! Why should we bail out Greece? They're not bailing out California!