In Euroland, it’s back to hit and hope…
Yes, the IMF can come in and help Greece out.
Yes, the French, Germans, and others may provide loans to Greece if necessary.
No, this won’t be nearly enough money to rescue Greece.
No, the main idea is enough dopes will buy Greek bonds to keep the spreads with German bonds sufficiently low so as not to wipe out the austerity measures already announced by Athens.
Yes, it proves that Euroland is not yet sustainable for its weakest members, and no, it won’t save the Germans from having to write a much larger check.
Today’s deal is an elaborate con job, which will be tested not only by the appetite for Greek debt, but how well Portuguese, Spanish, Italian, and Irish debt fares in the marketplace.
Gorilla’s conclusion: “The PIIGS will need a whacking great trough chock full of Euro swill!”
