I find it funny how the market is repricing that the EU will support Greece. The EU might support Greece, but not with Germany’s money. Without any cuts there is NO WAY, and I really do mean NO WAY that Germany will provide money for Greece. I was talking to some Germans in Germany and they said, “Give me a break with Greece. They think they can get away with it [no cuts, no changes]. I want Greece out of the Euro, they don’t deserve it.”
The EU is kicking the can down the road because I think they are battening down the hatches on the s**t storm that is going to result. I think the various Euro countries are getting ready to isolate themselves from the market. I also think that the Euro countries are happy that their currency is weakening. They can export more.
For reference here are the list of countries that are telling Greece to save more, and more. Sweden, Austria, Germany, Euro Group leader and the prime minister of Luxembourg, Finland has already said it is not helping. So who is left? Or let me rephrase this, who is left that has the money to help? Answer NOBODY!
Simply put Greece will most likely default… And the Euroland will sigh with relief…