Germany rules out further Greek debt write-off

Berlin has ruled out allowing public creditors to write off Greek debt as a way of helping the country overcome its financial woes.

Translation:  Since corrupt politicians of the 17 euro-zone nations gave up their respective countries’ monetary sovereignty, the only way those 17 nations can raise money is buy taxing and borrowing (i.e. selling bonds). Taxing worsens the depression. Borrowing worsens the debt. The debt requires even higher taxes and lower government spending (i.e. more austerity), which worsen the depression further. Because of the depression, the 17 euro-zone nation cannot pay on their debts. Therefore the bond purchasers demand very high premiums (very high interest rate returns). This worsens Greece’s debt further still, requiring ever-harsher austerity, and an ever-worsening depression. The ECB in Frankfurt (effectively ruled by Germany) could buy Greek bonds, or else issue (not lend) money to Greece, but Berlin has announced that the ECB will not do that. Instead the ECB will keep the nightmare going. 

However, Germany’s finance minister said he is open to other ways of helping Athens.

Such as?

Wolfgang Schäuble told the public radio station Deutschlandfunk on Sunday that a new so-called debt "haircut" was completely out of the question.

Yes, because if there is another haircut, no one will buy bonds (sovereign debt) from the 17 euro-zone nations, and the bankers’ tyranny would end. The 17 nations would have to dump the euro, or else the ECB would have to issue (not lend) currency to those 17 nations.

"That is a discussion which has little to do with the reality in the member states of the eurozone," the German finance minister said in response to a question about a report published in the weekly magazine Spiegel.

Huh?

Schäuble did, however, raise the possibility of a debt buyback program, which would allow Greece to get loans to pay off creditors.

Great! Greece can get more loans to keep paying on its loans! And the new loans will be at ever-higher interest rates. Brilliant!

Greece is said to need the next 31.5-billion-euro tranche of the bailout by the middle of next month if it is to avoid slipping into insolvency.

Translation: Insolvency means Greece cannot continue to pay on any past, current, or future debts. Period. This is caused by debt and the depression. If Greece is to avoid insolvency right now, then Greece will need another 31.5 billion euros of debt to keep the game going a little longer. This added debt, and worsened depression, is called a “bailout.” Austerity will triple and quadruple.

Spiegel reported that the troika would issue a verdict on Greece's austerity efforts by November 12 at the latest. Eurozone finance ministers are expected to decide whether or not to release the funds, based on the troika's findings.

Translation: the Troika will decide if Greece is privatizing enough things, and firing enough workers, to warrant putting Greece deeper and deeper in debt, which will require more and more austerity.

The Troika has a dilemma. The longer the 17 euro-nations keep the euro currency, the quicker the nations will move toward total insolvency, being unable to pay on any debts (i.e. pay on any bonds that the nations issue). But if the Troika ends its madness, and lets Greece dump the euro, then the Troika will lose power.

In another words, as long as Greece keeps getting heroin and cocaine by selling bonds, Greece will be a slave of the Troika. However the cocaine and heroin are killing Greece, and using up Greece. Default and insolvency are inevitable.

Yo Greece! DUMP THE EURO!