Greece sentence of the day

July 18, 2015

From Tom Warner:

It will be interesting to see how long [Greek Prime Minister] Tsipras can last in this situation. …  His resounding victory in the July 5 referendum has proven that he is skilled at channeling the public mood into support for himself. The fact that he won the referendum completely dishonestly, by urging Greeks to vote for an anti-austerity option that he knew didn’t exist, doesn’t seem to have cost him much in Greek domestic politics, at least not yet.

No one likes this situation, but they don’t have any money. That’s true even if we wiped out all their debt today. See: primary deficit (government deficit excluding interest payments on debt).

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