Thursday, May 27, 2010

Biblical Plague Hits Greece

It would seem that the gods are sending Greece a warning today, by way of a plague of frogs that have managed to close a main road.

I suspect that gods have seen that the wheels are already beginning to fall off the IMF/EU bailout wagon, sent to rescue Greece from its own self inflicted follies of fraud and living to excess.

It is reported that Greece is trying to renegotiate the terms of the pension reform stipulated under the terms of the bailout.

Greece wants the EU and IMF to agree that full pensions should be payable after 37 years of contributions instead of 40, as set out in the deal, and allow the reform to be implemented later than agreed.

It seems that Greece hasn't quite grasped the fact that the bailout deal has not been warmly welcomed by the EU member states (most notably Germany). Any attempt to renege on the deal, especially as the ink is barely dry on the paper, will send the markets into tailspin.

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