主题：欧洲讨饭记1 -- parishg

gets the next tranche. Then we will be in March 2008--another rescue and kick-of-the-can on the road.

There will be temporary stability. Finally Lehman 2.0 will come.

Then sooner or later Greece default issue comes back again.

First, Greece has unbalanced budget for years... I do not understand how can those pighead congressmen can even passed all those budgets in the past.

Second, the whole country is now dead: fiscal specialiasts employed by the finance dept. have already concluded that "tax revenue flow has collapsed". Tourism collapsed, people are doing nothing constructively except for continuous street protest.

Look at Ireland: the same austerity plan, Irishmen bited all bullets. Greeks refused to do anything.

A shrinking GDP of 7% on an annual basis, collapsing tax base, people enjoying tax evasion and fraud without any sense of shame, large percentage of labor force employed by the gov., collapsing private sector, **people that could not take on any hardship and frequently resorting to street violence for fiscal crisis.

A perfect country for national bankruptcy.

The fiscal specialist Prof. Reinhart mentioned that in the last 200 years, Greece has been in debt restructuring/renegotiation for 50 years. The "best" record among all European nations.

Just deja vu.