Diary

Europe in even worse shape than was feared

Just like when we have bad housing data or jobs numbers over here and it’s always called ‘worse than expected’, we have the same situation with the PIGS – well at least the PIG – across the pond, according to Forbes.

The European Union says the debt loads of Greece, Ireland and Portugal will be much bigger than previously forecast, adding to fears that international bailouts are failing to solve the region’s crisis.

Note the wording used. It’s as though the bailouts were supposed to solve the crisis without Greece having to do anything other than take the money. As an aside, it strikes me the same as so many liberal causes over here – public schools, Head Start, etc. – where reform is unheard of even as more and more money is demanded.

It sounds like it’s time for another round of promised austerity announcements, followed by riots and fire-bombings, followed by more good money flushed down the the toilet after bad, followed by more ‘surprisingly bad’ news, ….

A European Central Bank official said Greece hasn’t done enough to meet the terms of its bailout agreement, a warning of as European leaders consider whether to give the stricken country more help.

The gist of the rest of the story is that Greece made some small moves, but hasn’t really bit the bullet like it needs to. Of course that won’t stop them from demanding even more handouts from Germany et al.