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April 28, 2010

Even Brave Achilles Cannot Save Greece Now

Posted by The MaryHunter at April 28, 2010 9:10 AM

The worst drops in several months for the Dow, NASDAQ and stock markets worldwide came in the wake of this news: pathetic little Greece has had its debt downgraded to junk status, its credit rating tossed into the wine dark sea.

The junk rating, unusual for a developed nation, deepened fears that big fiscal deficits and debt burdens elsewhere could threaten the economic recovery in Europe. Stock markets on both sides of the Atlantic tumbled about 2 percent or more after the downgrade by Standard & Poor's.

Many sympathetic with Greece's plight will just blame the Germans, but there's no one to blame but the Greeks themselves and their progressive-socialist ways.

While the immediate fear is driven by Germany's grudging attitude toward bailing out Greece, some economists think Greece's growth prospects are so weak the government won't … collect enough taxes to be able to pay its bills years down the road. Worsening the country's plight is rising yields, which Monday neared double digits. The country's finance minister called current rates for raising funds "prohibitive."

There will be no rosy fingers of dawn to greet a Greek economic resurrection anytime soon. With the Democrats' insane deficit spending and debt-to-GDP percentages rising to historic levels, can we be too far behind? We think not, with the Obama regime and the Demonrats in charge.

Fleet-footed Achilles, not superhero enough for today's socialistic Grecian mess.

Hat tip: Penelope.