The spasm of “relief” over the victory of the corporatist New Democrats in Sunday’s Greek election lasted less than a day, a sign that investors (a.k.a. “the markets” or “speculators”) are no longer as dumb as they used to be on this.
Nor did it take long for the NDs – supposedly the folks who would hold Greece to it’s bailout terms – to ask for changes in the bailout terms.
Meanwhile, it’s looking like Spain will need a full-blown bailout. The price? About $563B (Telegraph, UK).
All this must be done to save a currency that never should have been created. The elites of Europe have sacrificed (or, in the case if Germany, will sacrifice) their own peoples to a ridiculous post-Christendom fantasy.
The only upside of this is that American taxpayers’ money is still off the table for this. Sadly, several other nations have lined up to set billions of dollars on fire (Telegraph). Even Mexico has agreed to let $10B disappear, a fact that suddenly makes me much more sanguine about the incumbent PAN’s imminent humiliation in our neighbor’s upcoming presidential election.
When historians write of this period, they would be wise to remember and update the words of William Gouge. In this case, the euro was saved and the people were ruined.
At least for now.
Cross-posted to Virginia Virtucon