Greece is continuing on its downward spiral to financial implosion.
To add to the woes of the good people of Greece, on top of last week's truly shocking youth unemployment statistics (close to 65%), Reuters reports that Greece's economy
shrank at annual pace of 4.6% in the second quarter,
contributing to a slump of more than 20% in real terms since
Ironically, in the delusional world of economists, these figures were slightly
better than the 5% contraction forecast.
Delusions aside, Der Spiegel has blown the whole charade of bailing out the Greek economy wide open. It quoted an internal document prepared by the Bundesbank as saying that Europe "will certainly agree a new aid
programme for Greece" by early next year at the latest.
Bundesbank also described the risks associated
with the existing aid package for Greece as "extremely high", and said the approval last month of a 5.8 billion euro aid instalment to Athens had been "politically
As I have noted many times before, in order to survive as a democracy and civilised society Greece needs to
exit the Eurozone now; others such as Cyprus need also to consider