How Greece Has Cost You
Obsession with the Mediterranean basket case has caused many to miss strong overseas gains. Here are three companies leading the charge, writes MoneyShow.com senior editor Igor Greenwald.
I’m going to spare you a dissertation on the futility of the latest Greek bailout. You want that kind of tsuris (not a Greek word but definitely a Greek condition these days) you can find it here, there, and everywhere.
Let’s just concede that Europe hasn’t solved a thing, but bought some time. Whether that time is measured in weeks or months, it will have been cheap, since the upfront cost has been a big fat nothing.
That’s right: for all the talk of “disbursing” the latest €130 billion bailout, Greece has, of course, seen not a dime of it so far. Nor will it see much over the restructuring’s three-year term (or however long it can endure the punishment.)
Most of the money is earmarked for creditors and will be disbursed from a separate foreign account unsullied by sticky Greek fingers. The kindly saviors further protected themselves against a subsequent default by specifying their right to seize the country’s gold should push come to shove. And of course, they will have a financial team on the ground to help Athens deliver the additional austerity it’s promised.
Greece got to keep its anthem and flag.