The latest out of the doomed continent:
- EURO ZONE DEBATING DELAY OF EUR5.2B MAY 10 PAYMENT TO GREECE - DOW JONES
- SOME GOVERNMENTS CONCERNED ABOUT MAKING A PAYMENT TO GREECE AMID POLITICAL TURMOIL
And so the check bounces, which is ironic, because as we repeatedly explained, the Greek bailout is not about Greece: it is merely to allow Europe to bailout its banks via ECB and Troika funded interest payments and using Greece as a passthru vehicle. Luckily, that particularly aggravating farce may soon be ending.