“Exclusive”and the Discovery of America

Exclusive – Greece Will Need More Debt Restructuring-EU Officials – NYTimes.com.

How exactly can this be an exclusive? Keep in mind that the first package was restructured into the second. When that deal was struck, most economists and petty officials knew that Greece could never repay all of this money and that a third restructuring would be necessary. Now that this has happened, the Old Grey Lady has an “exclusive.”

This is just like Columbus discovering the Americas; it was already there for all to see if they chose to open their eyes.

Currently, the eurocrats are making a determination. If it is cheaper to keep giving Greece money, then that is what they’ll do. If they think that they can get away with cutting Greece off, then they’ll do that. I will not make a prediction here. I’ll leave that to the talking heads on CNBC.

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