The headline in of the Saturday, July 23, 2011 article in the Wall Street Journal reads “Europe Debt Plan Relieves Pressure”. But that’s all propaganda and what the politicos want you to believe. The real truth of the matter is that the new 109 billion euro bailout for Greece is nothing compared to what is needed.
The so-called “contagion” could still spread to the other PIIGS, Portugal, Spain, Ireland, and maybe even Italy which is the third largest economy in Europe. Greece still has a monstrous debt load. In fact the leaders have pushed off responsibility onto the directors of the euro bailout fund. They are supposed to act more immediately to aid economies in distress, but they have no more money to do it with!
The ratings agencies are about to declare Greece’s bonds junk and proclaim a selective default. The ECB has been bought off. If they could, they’d buy off the rest of us to keep our mouths shut, too.