It’s Greek to Us All

Tyler Durden brings us back to reality: “Yesterday as we all watched the Holland and Hollande Show; Greece was scarcely on the radar. That act was behind us now we think and we are off to different adventures. Not so fast my friends, a moment’s respite; nothing more. The Greek Statistical Office released new data yesterday and the results were anything but positive. The official debt to GDP ratio now stands at 165.3%, a fourteen percent increase from last year’s numbers. Quite frankly, this is a disaster and hardly in-line with all of the fantasy projections that Greece will now be heading towards the mythical 120% number bandied about by both the EU and the IMF. To make matters worse; the banks in Greece are losing $344 million a day and have capital outflows of about $500 million per month. Even with the $32.2 billion in recapitalization funds it does not take a fiscal genius to see where this is all leading which is right down the Spartan rabbit hole.”

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