Greece erupted in disturbing violence yesterday in response to the austerity measures that are being required of it to get the next round of bailout money. I won't go into the details of this rioting ... you can read about it here. The point of this blog entry is to reprise two data points I heard this AM on television. First, in 2010 Greece passed a set of austerity measures to get the first round of bailout money - $61 billion. It implemented not one of them. Secondly, this time around the European Union (read Angela Merkel) is not taking the Greek Parliament at their collective word. It is requiring the Greek party leaders to sign personal pledges to implement the measures that were passed into law yesterday before the $160+ billion of bailout money will be released to them (see: Wall Street Journal Article).
This sounds to me a little like the Treaty of Versailles that was foisted upon and humiliated Germany after World War I ... which many feel set the stage for World War II. One wonders what this forced-fed dirt dish will eventually elicit from Greece? Enter the drachma [stage right] ... ?
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