For five years……five stinking years……….the Greece farce has been dragged out. In a sane world, they would simply have defaulted back in 2010. Instead, there have been endless summits, extensions, bailouts, bond offerings, and press conferences. Now, as some of you have already read over on ZH, they have managed their latest payment to their creditors by taking an emergency loan from the International Monetary Fund (which effectively, as ZH points out, is the IMF borrowing from itself to make a payment to itself). In addition, Greece has less cash on reserve now than a lot of the startups here in Silicon Valley.
It’s hard to express this financial freak show in a single image, but I’d like to thank Kermit the Frog for doing an admirable job:
