The Biteme Report on Greece

The Biteme Think Tank, somewhat aslosh in ouzo, olives and feta cheese, has been studying the Greece problem.

We previously noted that Greece is screwed. For decades, Greek governments of both the right and left have been cooking the books to disguise the actual state of their economy. (And during that period, most of the country’s prime ministers had degrees in economics!) Today, Greece is no less screwed, mainly because the citizenry still has no stomach for financial retrenchment.

So what should the economic powerhouses of Europe (i.e., Germany) do? Cutting Greece off from further loans could have a destabilizing effect on the whole of the EU. On the other hand, not doing so would just be throwing good money after bad,

On balance, we think they should cut Greece loose and concentrate on shoring up Spain and Italy.

Greece is SO screwed

The Greek people are fed up with austerity — they’re sick and tired and won’t take it any more. But the country is broke after years of deficit spending and accounting shenanigans.

The “troika” (IMF, EU, and European Central Bank) are willing to lend Greece money but only on the condition of more austerity — which the Greeks won’t accept.

Greece is a net importer of oil — net imports stand at about 300,000 barrels of oil PER DAY. They have no nuclear power.

Someday soon, Greece will run out of money and default on their debt. When that happens, the lights will go out because they will have no way to pay for their oil.

Meet the Greek Leader Who Sent Global Markets Reeling – Business News – CNBC.