As Greek CDSs widen, riots break out, and the county of Greece cheers as the rest of Europe hands it a big bag of money, financial analysts are pulling back the curtain to expose what’s really going on across the Atlantic.
In this morning’s The Gartman Letter, Dennis tears into Greece as a country, putting petty things like billions of dollars of debt aside and focusing in on the real problem: the people of Greece.
There will be no end to Greece’s underlying problem of being fiscally irresponsible and that is what must be fixed if we expect to stop bailing them out every other decade.
The Gartman Letter: The modern Greek culture is do dependent upon government largesse, and is so used to the fact that Greek fiscal irresponsibility will be bailed out by the taxes paid by responsible German workers and businessmen, that we cannot see this being resolved short of Greece being summarily tossed out of the EMU, or removing itself voluntarily. Truly we would like to believe that something more peaceful; something more rational; something more “modern” will evolve and that all shall be well, the egg shells that are the EMU will be patched together and magically re- glued and that all shall be well with the world… but we are not naïve. Rather we are realists, and realists know that little other than chaos and the eventual breaking up of the EUR is the way of the future.
Business Insider Emails & Alerts
Site highlights each day to your inbox.