Opinion – The Endgame in Greece by Jeffrey D. Sachs – Project Syndicate – John Gelmini

Statue of Spartan king Leonidas I, erected by ...

Statue of Spartan king Leonidas I, erected by Panos S. Koumantaros, a citizen from Sparta, 1968. Image already in use by Wikipedia (Leonidas statue1.jpg). Cropped image, straightened image, and generally enhanced viewability. (Photo credit: Wikipedia)

Greece is entering an endgame and should never have been allowed into the Euro in the first place since it never met the economic conditions laid down for entry and then with the help of Goldman Sachs fiddled the figures. This was the equivalent of a group of people acting together to commit mortgage fraud and then being found out only to complain loudly about the terms of a loan that should never have been granted in the first place.

Jeffrey Sachs oozes compassion and concern for starving Greeks and makes the case for letting Greece off its past debts and presumably bailing Greece out now. He is an economist but as a sometimes betting man I do not believe that if he was a European or UK taxpayer he would be so sanguine about doing so. From his vantage point at least 4,500 miles away he can pontificate about what Europe should do secure in the knowledge that he will not have to pay a single cent or endure any financial pain. If America was owed £330 billion gbp by a recalcitrant debtor nation like Greece what would Jeffrey Sachs’s position be? He would be of course demanding repayment but as long as those who have to take the “hit” are miles away then he sides with the underdog.

Just as the negotiations between Tsipras and the Troika were getting to their final “crunch point” the film “300” was once again shown on television with its depiction of the last stand of the Spartan King Leonidas and his 300 battle hardened warriors against a Persian army under the tyrant Xerxes of over 1 million men. In the film a goat-herd betrayed Leonidas and he and all his men were killed. We know from history that the epic battle was lost but of course it lives on as an example of bravery against impossible odds. The showing of that film was in my view no accident, it was shown to portray Tsipras and the ludicrous Varoufakis as brave and honest men battling the odds and fighting a great tyranny unleashed against them by Angela Merkel, the IMF and other malevolent Europeans intent on “humiliating the Greek people”. In this fine tradition of selling people a pup, Varoufakis is, according to Dimbleby the Question Time Chairman, going to be appearing on next week’s Question Time, where he will no doubt lie, obfuscate and distribute blame to a sympathetic and carefully selected Question Time audience.

John Gelmini

ekathimerini.com | Bookies not backing Greek 2015 euro exit yet

This is an interesting article by one of Greece’s leading newspapers, Ekathimerini. It’s worth a read. Check it out!

via ekathimerini.com | Bookies not backing Greek 2015 euro exit yet.

Personally, I would not rely on bookies odds as a prediction of outcome.

I fear that both sides are seriously underestimating the economic, social and political consequences of a Grexit.

Thoughts?