Friday, July 3, 2015

Maybe the creditors do know

The story about Greece's troubles includes this howler of a quote.
Mr Varoufakis vowed to resign if the Greek people voted yes. "I prefer to cut off my own arm rather than sign an agreement without debt restructuring," he told Bloomberg TV.
He said there is not a "smidgeon of an iota of possibility" that the terms on offer can lift the Greek economy out of a deflationary tailspin, insisting that the talks broke down because the creditors refused to face up to the fact that Greece's debt is unpayable.
The creditors haven't refused to face the fact.
The Greeks have for years.
They refuse to face up to the fact credit has limits.

No comments: