The Greeks currently owe the EU, IMF and ECB over 350 Billion euros, even though there was a 50% haircut for creditors in 2011. For a nation of 11 million that’s not a bad debt to population ratio.
The Greeks under far-left group Syriza are now hoping for another handout mainly from German taxpayers so they can go ahead further with more profligate policies like giving free electricity to thousands of people. Meanwhile, capital flight is accelerating out of Greek banks to offshore accounts as ‘poverty stricken’ Greeks offload their cash.
Wolfgang Schäuble, the German Finance Minister seems to know what is happening: “The Greeks have won a four month extension, and they want us to give them another 100 Billion euros which they will use up quickly or stash away. Once that is done and we have thrown away EU taxpayer money they will leave without paying one cent back to the taxpayers of the eurozone. It’s a good thing they don’t pay tax in Greece otherwise they’d have some responsibility, but the EU is stupid.”
Whatever happens, German taxpayers will never be paid and to add insult to injury Yanis Varoufakis is laughing at them whilst giving them the finger.