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A year ago I pointed out on the Forum, that the then bailout that was being negotiated for Greece would not solve any financial problems in Greece, and would be followed by another bailout, and another ...
Greece cannot pay back the foreign debits, and let's remember that the country also has internal debits, in a similar way that Britain has a 900 billion pound national debit, although obviously Greece's is not as high as ours. These internal debts, that the \greek state owes its own internal lenders, must also be paid back!
Greece can't even pay back its own internal debit, just as Britain can't. Nor can Germany pay back their massive federal and state debits. In fact, Germany's individual states (Bundeslaender) also German towns/cities also have communal debits, added to their federal debit.
So Germany is in a worse position than we are in this sense, as they have debts at all administrative levels.
No EU member state, including Belgium, Ireland, Portugal, Spain and Italy, can pay back their national debt.
IT IS IMPOSSIBLE!
Unfortuanetly Barry W never gave me credit on these repeated views of mine, for all that I deem him an expert in finances and do not undervalue his opinions on all things financial.
I feel like going back in the history of this Forum and finding my posts from a year ago regards Greece and the bailout of 2010, but then what's the point?
If anyone believes that the EU member states could ever pay back the trillions and trillions of £/euros debt that they collectively owe, be it internal or foreign debt, they are kidding themselves.
Both intuition and plain and simple mathematical calculation can prove this point.
So whatever bailout goes to a failed EU state, it only serves to pay off a small part of already existing debts plus the interest, and must be followed by another bailout, as the bulk of the debts remain, together with the accumulating interest.
And added to that all the new accumulated national debt!
The only way out is to wave good-bye to any money owed by Greece and not give another bailout, and hope that the Greeks leave the EU and fare better.
We will never get our money back from Greece, and I daresay Ireland won't be able to pay Britain back either, but then I wouldn't expect them to, as the Irish would have to undergo mass emmigration and unemployment and tax-increases to pay their loans back to other countries.
It's about time we drew a line and left the EU!