Even Brave Achilles Cannot Save Greece Now. . . .

According to The MaryHunter at moonbattery.com:

The worst drops in several months for the Dow, NASDAQ and stock markets worldwide came in the wake of this news: pathetic little Greece has had its debt downgraded to junk status, its credit rating tossed into the wine dark sea.

The junk rating, unusual for a developed nation, deepened fears that big fiscal deficits and debt burdens elsewhere could threaten the economic recovery in Europe. Stock markets on both sides of the Atlantic tumbled about 2 percent or more after the downgrade by Standard & Poor's.

Many sympathetic with Greece's plight will just blame the Germans, but there's no one to blame but the Greeks themselves and their progressive-socialist ways.

While the immediate fear is driven by Germany's grudging attitude toward bailing out Greece, some economists think Greece's growth prospects are so weak the government won't … collect enough taxes to be able to pay its bills years down the road. Worsening the country's plight is rising yields, which Monday neared double digits. The country's finance minister called current rates for raising funds "prohibitive."

There will be no rosy fingers of dawn to greet a Greek economic resurrection anytime soon. With the Democrats' insane deficit spending and debt-to-GDP percentages rising to historic levels, can we be too far behind? We think not, with the Obama regime and the Demonrats in charge.

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The Associated Press Yesterday

Spain downgraded, Europe debt crisis widens

. . . .But the downgrade for Spain and a lack of clarity about how much money Greece will really need unsettled investors again -- the IMF's managing director Dominique Strauss-Kahn would not confirm reports he had told German parliamentary deputies that Greece would need euro120 billion over several years.

A lot is at stake -- some say that the very future of the euro project hangs in the balance. At the very least, a Greek debt default that could also tear holes in the balance sheets of European banks holding Greek bonds.

More broadly, growing worries about shaky government finances in Europe could force indebted governments to pay more and more of their budgets to cover interest costs, crimping spending and stimulus for the economy and pushing them to increase taxes. That could make it harder for Europe to maintain its shaky economic recovery.

Once again though, the main actors in the Greek debt drama failed to provide complete clarity -- until that emerges the markets could well suffer further turmoil.

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One blogger wrote:

The Greeks fudged their way into the EU to begin with. They've been getting Billions each and every year to "improve" their infrastructure". Most of them don't even pay taxes, or if they do they pay a pittance because everyone bribes one another there. Try bribing your local IRS agent here!

Then they go into retirement at age 50 at FULL pension 14x a year.

They have a HUGE government worker segment, most of whom are no-shows.

Now they are going to blame the rest of the [still] solvent EU countries to pay for all this?

Germans retire at age 67 at less than 100% pension.

Of course they're not going to be too excited about paying for the Dolce Vita the Greeks are living in the Agean.

Greece is to Germany what Mexico is to the United States.

Oh, and what do the Greeks do in response to all this: The go on general strike and call the Germans, who've been footing their bills for decades, Nazis.

Sound familiar?

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Another blogger wrote:

Germany isn't going to be able to bail out anyone. It's a massively unpopular idea with German citizens, it's unconstitutional, and elections are coming up May 9th IIRC.

No way. Greece is toast. Followed by Portugal, Spain, Italy, France, and Ireland in no particular order. But at that point, who really cares? The giant sucking sound you'll hear will be the bond market imploding.

"When none can fail, all will fail."

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First Greece, Portugal now Spain. . . .The dominos are starting to fall. . . .Coming soon to an American city near you. . . .Just wait and see how the dominos start to fall when California can no longer pass out their IOUs. . . .

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http://www.businessweek.com/ap/financialnews/D9FC9BJ80.htm