February 25, 2012—SnyderTalk Editorial: Will the Greek Debt Deal Succeed? According to a Confidential Memo, Probably Not.

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Will the Greek Debt Deal Succeed? According to a Confidential Memo, Probably Not.

It’s uncertain whether the arrangement between European finance ministers and Greece can stand the test of time, but some of those close to the negotiations have suggested that its likelihood of success is remote.  That’s what Peter Spiegel of Financial Times learned when he obtained a confidential memorandum outlining some of the pitfalls in the deal.

Writing about the fortuitous discovery for Business Insider, Joe Weisenthal says,

“At least Europe is no longer in denial about the effects of austerity in Greece, and the ability for the country to improve its economic situation via drastic cuts.

Peter Spiegel at FT has obtained a confidential 10-page memo distributed to senior officials in Europe over the last week, which lays out the truth:

It warned that two of the new bail-out’s main principles might be self-defeating. Forcing austerity on Greece could cause debt levels to rise by severely weakening the economy while its €200bn debt restructuring could prevent Greece from ever returning to the financial markets by scaring off future private investors.

‘Prolonged financial support on appropriate terms by the official sector may be necessary,’ the report said.

What’s more — and this Spiegel puts in a follow-up blog post — all the economic assumptions being used are too rosy, further rendering prospects of a successful bailout unlikely.”

The memorandum may have been “confidential,” but its content comes as no surprise to anyone who has followed the negotiations closely.  In fact, you can make a very strong argument that European leaders are still in denial about the situation because the Greek deal is shaky and other European countries including Spain, Portugal, and Ireland are waiting in line to secure similar financing for their failed socialist economies.  Hedge fund manager Dennis Gartman believes that the Greek arrangement will last only until a new government is elected, and he’s not alone.  Writing for American Thinker, Rick Moran paints a bleak but realistic picture of what’s likely to happen.  To read the entire editorial, click here.

This SnyderTalk editorial first appeared in PJ Media on February 22, 2012.

To see other SnyderTalk editorials, click here.

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Jeremiah 46: 21-24

“Also her mercenaries in her midst are like fattened calves, for even they too have turned back and have fled away together; they did not stand their ground.  For the day of their calamity has come upon them, the time of their punishment.  Its sound moves along like a serpent; for they move on like an army and come to her as woodcutters with axes.  They have cut down her forest,” declares Yahweh; “Surely it will no more be found, even though they are now more numerous than locusts and are without number.  The daughter of Egypt has been put to shame, given over to the power of the people of the north.”

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Hosea 4: 6

My people are destroyed for lack of knowledge.

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If You Voted for Obama in 2008 to Prove You’re Not a Racist, You Need to Vote for Someone Else in 2012 to Prove You’re Not an Idiot explains why voters in the United States need to elect someone besides Barack Obama to lead them.  Whoever is elected President of the United States in 2012 will have to contend with the monumental problems that Obama’s misguided policies have caused both at home and abroad.  One thing is certain, though.  It should not be Barack Obama.  Click here to order the eBook.  Click here to order the paperback.

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Yahweh to Jeremiah—Jeremiah 16: 21

“Therefore behold, I am going to make them know—this time I will make them know My power and My might; and they shall know that My name is Yahweh.”

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His Name is Yahweh explains why the Name of God, Yahweh, is so important.  It’s available in eBook format and in paperback.

God also said to Moses, “Say to the Israelites, ‘Yahweh, the God of your fathers—the God of Abraham, the God of Isaac and the God of Jacob—has sent me to you.’ This [Yahweh] is my name forever, the name by which I am to be remembered from generation to generation.”

Exodus 3: 15

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