Compare these two statements: first from Reuters- "Greece's debt has run out of control and government policies are failing to restore finances, an independent parliamentary committee of experts wrote in a report released on Wednesday." And second, from Bloomberg: "Greece’s debt is on a “durable declining path” and new projections will show that the second rescue program reduces net liabilities, European Union Economic and Monetary Commissioner Olli Rehn said." Sorry Europe: your credibility, whatever was left of it, just ran out. When the indirect object of your bail out effort (the direct one being naturally your central bank and your various local banking oligarchy of course) says in your face that you are full of excrement, it is time to put a fork in it.
More on the truth:
"The steep debt rise, high primary deficit ... have exacerbated to the maximum the dynamics of debt, which is out of control," the committee of experts appointed by the Finance Ministry said in a monthly economic bulletin.
"It is clear that the country's problem is not just the size of the public debt but the inability to consolidate the current fiscal management. Despite gigantic effort for fiscal adjustment, no primary surplus has been achieved, on the contrary the primary deficit widens," it said
Internal EU assessments indicate that “given the private sector involvement, the government debt ratio net of collateral will fall compared to the previous projection,” Rehn said in response to a European Parliament inquiry.
“Including the loan to accumulate collateral in the context of the private sector involvement, the gross debt ratio actually increases compared to the previous assessment,” Rehn said. “However, the debt ratio is expected, in any case, to decline from 2013 on.”
The new projections will be included in the next quarterly report on Greece, Rehn said according to a text posted on the parliament’s website.
Thus the official beginning of the end of the Euro and Eurozone starts. Perhaps Europe can now refocus its efforts on something more practical: like restoring Esperanto as the global language of bureaucratic efficiency, peace, unity and prosperity and what not.