D Day For Greece?

Another day, and other summit to "resolve" the Greek crisis. In theory Eurozone finance ministers will meet in Brussels today to discuss Greece's debt problems. However, it is possible that given there is no likelihood of any tangible outcome that the meeting will be delayed until December.

Despite the certainty of failure, the Eurorcrats continue to spout the "party line" that a solution needs to be/will be found. ECB vice president Vitor Constancio says that he expects a deal on Greece to be reached today.

However, EU Commissioner Olli Rehn is a little more "Delphic" and according to the Telegraph has stated that a decision must be taken on the next tranche of aid to "get rid of uncertainty hanging over Greece".

That of course is true, but uncertainty can be ended in two ways:

1 Give Greece more money, or

2 Cut Greece off and force it to default and exit the Eurozone.

Either way the uncertainty is ended!

Rehn Writes Greece Off

Olli Rehn, the European Economic and Monetary Affairs Commissioner, has written Greece off by stating that Greece's debt (expected to reach at least 189% of GDP in 2013) is unsustainable whilst at the same time ruling out the possibility of an official sector debt restructuring.

Rehn negelected to state that the level of unemployment in Greece is also unsustainable. Youth unemployment now stands at a staggering 58% in August vs 45% in August 2011.

The only option remaining for Greece is to leave the Euro.

Change The Record Olli

The EU's optimist in chief, the EU Monetary Affairs Commissioner Olli Rehn, has stated for the umpteenth time that "Greek debt-swap talks are very far along, talks should wrap up in “coming days”.

He said this last week. 

Change the record Olli, no one believes you anymore.

Hire a new script writer to freshen up your tired old lies!

Greece Will Default - Merkel Sees The Light

Angela Merkel has finally realised what the rest of the world (excluding Rehn) has known all along:

@afneil Andrew Neil

Foreign Office sources say Merkel now thinks Greece will default.

Rehn Loses Patience With Greece

Olli Rehn, the vice-president of the European Commission, has started to lose patience with Greece and has given the country a public kicking:

"Greece was accepted to the eurozone in 2001 partly based on false statistical information, but that is past. 

Greece did not reveal the truth of its economic and fiscal situation."

Whether this is designed to prod Greece to sort out its finances, or is simply a way of covering the Eurozone's backside when Greece leaves the Euro is not clear as yet.

It's The Politicians Stupid - Don't Blame The Markets

By blaming the markets for not acting in the way that they were expected, EU Monetary Affairs Commissioner Olli Rehn shows just how out off touch he and the "leaders" of Europe really are.

Markets are driven by greed, fear and euphoria; they behave like packs of animals.

The markets know that the "leaders" of Europe, who are on holiday, are not up to the job of fixing the systemic failures of the Eurozone.

The Eurozone, in its present form, will fail; whatever Rehn says.