September 1, 2012

"If Greece is a bottomless pit, it is the first in the world to return the money thrown into it with interest."

From eKathimerini by Nick Malkoutzis

"So, when European politicians talk of providing no further assistance to Greece, they are essentially suggesting Greece should not be lent money to pay back its debt, which almost exclusively lies with the official sector -- the ECB and eurozone countries -- after the PSI. The structure of the Greek bailout ensured that nobody in the official sector has lost money and the creation of an escrow account earlier this year guarantees that everyone who has lent to Greece will be repaid. In fact, when one factors in the interest and lower borrowing costs countries like Germany have benefited from as a result of weakness in other areas of the eurozone, the bailouts have turned a tidy profit. If Greece is a bottomless pit, it is the first in the world to return the money thrown into it with interest."


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