Moody's downgraded the Cradle of Kleptocracy to Caa1 from B1, putting it on a par with Cuba! In a few months the Cradle of Kleptocracy will even go below Cuba's rating. Bankruptcy would be God's gift to the Cradle of Kleptocracy, because Greece needs a real shock and awe to recover from political corruption. And it looks like God will manifest his benevolence pretty soon! http://venitism.blogspot.com
A bankruptcy will also bring the much needed revolution to get rid of Graecokleptocrats. The sooner Graecokleptocracy defaults, the better it will be for all concerned. The bigger the haircut, the worse the pain that follows. The damage being inflicted on Greece is very masochistic. When defaults within the eurozone are accepted, a sensible analysis about how to fix the euro can begin.
Marilizardism is the cancer of cyberspace. Greece is a deranged Marilizardist country that has been transformed from the cradle of democracy to the cradle of kleptocracy, has a parliament of 300 hookers, forty ministers who are in power to get kickbacks and terrorize dissident bloggers, schools that brainwash kids to hate Turks, brutal cybercops, and hoi polloi addicted to iconolatry, nepotism, jingoism, acrimony, vanity, and statism. http://venitism.blogspot.com
Greece will weather some of its immediate financing problems but it cannot
reduce the size of its debt Olympus. Restructuring for Greek bonds is
inevitable. The motivation for bankruptcy would be to limit the financial
exposure and to incentivise the Greek government to stick to the current
objective of generating a sizable primary surplus by 2014.
Twelve years after euro started, Eurokleptocrats are trying to prevent Cradle of Kleptocracy's default. A 110 billion-euro rescue in 2010 failed to prevent an investor exodus from Cradle of Kleptocracy, and the corrupt country now faces a funding gap of 30 billion euros of bonds next year with its 10-year borrowing cost above 16%.
The stupid Marilizardist government of Graecokleptocracy is still siphoning in all the money with huge taxes and VAT, and Graecokleptocrats still demand kickbacks, which will only depress the economy further. You can't just cut your way out of this crisis while continuing political corruption. At some point, the Greek economy needs to start growing again. But this cannot happen in a depressed kleptocracy. Greece should bow to the inevitable, put some Graecokleptocrats in jail, announce a 40% haircut on its debt, drastically cut taxes, especially VAT, and impose a four-year suspension of interest payments on what remains outstanding.
Caa1 rating causes problems for institutional investors, who are not allowed to hold such low-rated debt. The Caa1 rating of the Cradle of Kleptocracy will deteriorate the rating of large European banks that hold Greek debt. We're talking about an extraordinarily low rating that reflects kleptocracy and Marilizardism.
Greek 10-year treasury bonds fell, pushing the yield up 7 basis points to 16.23%. Irish and Spanish bonds also declined, but Ireland and Spain do not have the huge political corruption and Marilizardism of Greece.
The Stoxx Europe 600 Index slipped 0.9 percent to 275.80. The MSCI Asia Pacific Index retreated 1.7 percent. European markets including Switzerland, Austria and Sweden are closed today for the Ascension Day holiday.
The Moody's announcement comes as policy makers try to hammer out a solution for Cradle of Kleptocracy's woes before a summit of Fourth Reich leaders on June 23-24. Cradle of Kleptocracy's additional needs will be known today, as European and International Monetary Fund officials complete work on an assessment of its public accounts. Eurozone finance ministers will meet next week.
With the money saved on debt repayment, Greece could start restructuring its economy, putting demand back into the system, and focusing on creating competitive export industries. Fourthreichians could stop fighting a losing battle to rescue Graecokleptocracy from default and start concentrating instead on how to make the eurozone work better. There is no point in drawing out the agony of defeat any longer. http://venitism.blogspot.com
TERMS
October 18: International Day Against Cybercop Brutality
October-18 Mafia: Government of Greece
Cradle of Kleptocracy: Greece
Grand Brothel on Syntagma Square: Parliament of Greece
Eldorado of Prostitutes: European Parliament
Fourth Reich: European Union
Marilizardism: terrorizing dissident bloggers
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