German Chancellor Angela Merkel said she won’t release Greek rescue funds until the country shows it’s got a “sustainable, credible” plan to cut its budget deficit. A decision may be in a “few days,” she said.
Merkel's determination not to be steamrolled into bankrolling Greek profligacy is the reason the IMF will be leading the Greek debt rescue and not the EU. Kudos to German leaders who continue to look out for their taxpayers' best interests.
Elites on both sides of the Atlantic are desperate to keep the PIIGS' debt bomb from exploding, which is why the U.S. recently agreed to support a massive expansion of the IMF's standing credit facility. The Anglo-West is going to try every trick in the book - along with some new ones they're still testing - to prevent Great Depression 2.0 from breaking out. I do not think they can ultimately succeed. We will all be poorer in some way whether we know it or not.
