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GREEK JAN-JULY STATE BUDGET DEFICIT EU15.6 BLN VS EU12.5 BLN

That’s the Bloomberg headline:

“GREEK JAN-JULY STATE BUDGETDEFICIT EU15.6 BLN VS EU12.5 BLN”

Disastrous in a word.  Austerity is simply not working.  What’s next?  The crisis continues to infect the periphery nations one by one.  Italy is the endgame.  And since the Germans have already said they won’t bailout Italy we basically know the ending here.  It will likely be worse than Lehman Brothers when all of this finally comes to a head.

I don’t know if I’ve ever seen such political incompetence.  Between the rate increases at the ECB, the insistence on austerity as a “fix” and the misguided EFSF/ECB interventions, we’re actually making the US government look competent.  And we almost agreed to bankrupt ourselves by choice!

It would be all be hilarious if it wasn’t causing millions of people so much pain and suffering.

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