Well, who would have thought it......Greece has counted its pennies and has realised that the public spending cuts that it must make over the next 2 years can't be achieved. And if Greece doesn't agree to make the cuts and then deliver them, the bail out agreed by the Eurozone (well Germany and France plus the 'hangers on') will not be granted. And if the bailout is not granted......take your cash out of the bank and hide it under the mattress.
The bailout is a complete joke anyway. It is a bit like a bank lending money to someone to buy a house who is unemployed. Ah, bugger......that's exactly what they did. In essence, lending money to someone that can't afford to repay it will only offer short term respite......the problem doesn't go away. As a result Greece is asking for more time to implement the £11 billion of cuts.
So why now?
Unbelievably, it's because European politicians are now back from holiday. Sad but true.
One of the outcomes of all the Eurozone debt problems is that Greece is now the most powerful player in Europe as it decides all our fates.
Hold tight......the next few months could be bumpy.
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