Thursday, August 2, 2012

Germany Now Has a REAL Debt to GDP of 300%…. Bye Bye Eurozone

The European Crisis is accelerating with every day. Indeed, at this point there’s a new major development (if not more than one) on a daily basis.

Rather than detailing every single news item, I’d rather address the larger concerns. This will better help you understand the larger systemic issues and how this is all likely to play out.

Greece, which we’ve been told was “saved” more than a dozen times, is back on the ropes and on the verge of needing a third bailout:

Greece will need more debt restructuring…EU officials

Greece is unlikely to be able to pay what it owes and further debt restructuring is likely to be necessary, three EU officials said on Tuesday, a cost that would have to fall on the European Central Bank and euro zone governments.

The officials said that twice bailed-out Greece would be found to be way off track by EU and International Monetary Fund officials who have been assessing the country. (more)

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