IRELAND IS NOT GREECE

Deputy Prime Minister Eamon Gilmore of Ireland asserts that that fears of a domino effect from Greece's problems are overblown. The expected Greek default has sent PIGS bond yields rocketing.  Bankruptcy would be God's gift to the Cradle of Kleptocracy, because Greece needs a real shock and awe to recover from political corruption. And it looks like God will manifest his benevolence pretty soon! A bankruptcy will also bring the much needed revolution to get rid of Graecokleptocrats.
http://venitism.blogspot.com
The sooner Graecokleptocracy defaults, the better it will be for all concerned.   The bigger the haircut, the worse the pain that follows. The damage being inflicted on Greece is very masochistic.  When defaults within the eurozone are accepted, a sensible analysis about how to fix the euro can begin.
Gilmore points out it is wrong to put Ireland in the same basket as Greece.  We agree with Gilmore 100%.  Ireland has honest politicians, whereas Greece has robber politicians.  Irelands problems came from spending, whereas Greece's problems came from political corruption.
Greece will weather some of its immediate financing problems but it cannot
reduce the size of its debt Olympus. Restructuring for Greek bonds is
inevitable. The motivation for bankruptcy would be to limit the financial
exposure and to incentivise the Greek government to stick to the current
objective of generating a sizable primary surplus by 2014.
October-18 Mafia's hopes of averting default deteriorate as it has missed fiscal targets set by its creditors.  An international inspection team has found that October-18 Mafia had missed all its fiscal targets. October-18 Mafia' creditors are increasingly focused on the possibility of raising more funds from privatizations. A poll on Sunday showed that most Greeks are in favor of selling state assets to raise 50 billion euros.
The European Central Bank and the IMF don't believe the privatization program is ambitious enough. ECB board member Juergen Stark said Greece could raise 300 billion euros, but October-18 Mafia is willing to raise omly 50 billion euros.
October-18 Mafia is considering setting up a Spanish-style bad bank to clean up its lenders' accounts from toxic Greek bonds. October-18 Mafia is in a race against time to secure political consensus on fiscal reforms before Fourth Reich and the IMF will free up more cash to plug funding gaps in the next two years.
The impunity of the 300 Graecokleptocrats of the Grand Brothel on Syntagma Square is the most freakish thing on Earth.  Even though they looted many billion euros in kickbacks and churning, not a single Graecokleptocrat has ever gone to jail!  They are protected by the parliamentary immunity, and nobody can touch them, no matter what.  Moreover, they have the nerve to jail dissident bloggers.  It's a long way from the 300 Spartans of Leonidas!  Allons enfants de la Grece!  http://venitism.blogspot.com
Some 50 billion euros of the existing Fourth Reich-IMF bailout has been earmarked for sovereign funding requirements with the remainder set aside to prop up the country's ailing banks. Earlier this month, the IMF said whatever was left over after recapitalizing the banks could be channeled to the sovereign if there was a delay in returning to markets.
The first step to recovery is accepting that you have a problem. In that case, it's welcome news to hear more and more Graecokleptocrats talking about the problems being brought on by runaway government spending and political corruption.  But just as an addict who claims to be on the road to recovery bears watching, the real test comes after they've admitted there's a problem. 
Of course, some socialists are still in denial. Indeed, they'll even claim they're not spending enough and kickbacks are normal commissions of doing business with government! This is a particularly common cry from Graecokleptocrats and special interest groups that claim to represent the disenfranchised and the marginalized.  http://venitism.blogspot.com
TERMS
April 15: Global Tax Revolt Day
October 18: International Day Against Cybercop Brutality
October-18 Mafia: Government of Greece
Cradle of Kleptocracy: Greece
Parliament of Whores: Congress of USA
Grand Brothel on Syntagma Square: Parliament of Greece
Eldorado of Prostitutes: European Parliament
Eldorado of Corruption: European Commission
Fourth Reich: European Union
Fourthreichians: Citizens of Fourth Reich
OLAF, Office de Lutte Anti-Fraude: Fourthreichian Anti-Fraud Office
Europol:  Fourthreichian Criminal Intelligence Agency
Marilizardism: terrorizing dissident bloggers