More Greece “Uncertainty”: Default Looms in July, EU Rejects Greek Emergency Summit | MishTalk
. . . Mish notes that the only uncertainty here is when Greece will implode.
"Those who thought the situation in Greece was solved after prime minister Alexis Tsipras suddenly caved in to creditors’ demands need think again.
Greek tax revenues are running well under expectations. A default looms in July unless the creditors give more money to Greece so that Greece can pay back the creditors. As convoluted as that sounds, that’s precisely the way this madness works."
Progressives can't figure this one out. All Greece should need to do is find a way to pump money, but they are stymied by the fact that the Eurozone is not controlled by Greece. Pumping, or currency devaluation would work, since it would lower the cost to the money Greece is paying back. Here the devaluation would need to be quite large. The side effect of devaluation is it lowers the standard of living of the people of Greece.
Greece will default. The Greek people will be returned to a sub first world standard of living. These things are already cooked into the pudding.
The real question is why the parties continue to deny this reality. All this does is prolongs the Greek economic pain and turmoil.