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| How the Greek bailout program works | |
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| Tweet Topic Started: Jul 15 2015, 12:36 AM (60 Views) | |
| bachophile | Jul 15 2015, 12:36 AM Post #1 |
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HOLY CARP!!!
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It's a slow day in a little Greek Village. The rain is beating down and the streets are deserted. Times are tough, everybody is in debt, and everybody lives on credit. On this particular day a rich German tourist is driving through the village, stops at the local hotel and lays a $100 note on the desk, telling the hotel owner he wants to inspect the rooms upstairs in order to pick one to spend the night. The owner gives him some keys and, as soon as the visitor has walked upstairs, the hotelier grabs the $100 note and runs next door to pay his debt to the butcher. The butcher takes the $100 note and runs down the street to repay his debt to the pig farmer. The pig farmer takes the $100 note and heads off to pay his bill at the supplier of feed and fuel. The guy at the Farmers' Co-op takes the $100 note and runs to pay his drinks bill at the taverna. The publican slips the money along to the local prostitute drinking at the bar, who has also been facing hard times and has had to offer him "services" on credit. The hooker then rushes to the hotel and pays off her room bill to the hotel owner with the $100 note. The hotel proprietor then places the $100 note back on the counter just as the traveller comes back down the stairs. He picks up his $100 note, states that the rooms are not satisfactory, pockets the money, and leaves town. No one produced anything. No one earned anything. However, the whole village is now out of debt and looking to the future with a lot more optimism. And that, Ladies and Gentlemen, is how the Greek bailout package works. |
| "I don't know much about classical music. For years I thought the Goldberg Variations were something Mr. and Mrs. Goldberg did on their wedding night." Woody Allen | |
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| Klaus | Jul 15 2015, 12:42 AM Post #2 |
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HOLY CARP!!!
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Unfortunately it's not a zero-sum game. A lot of the debt is owed to external money sources. |
| Trifonov Fleisher Klaus Sokolov Zimmerman | |
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4:56 PM Jul 10