Like the Little Dutch Boy holding his finger in the proverbial dyke, Fitch came out today and declared Greece to be in a “Restricted” default.
For those who do not follow lame banking terms, what does that mean? The investment rating company Fitch (As with S&P and Moody’s), in physiological denial, is saying that Greece is not actually insolvent (bankrupt) – Yet!
But that’s goodnews isn’t it? That means that Greece is good for now… right?
Despite severe cutbacks (austerity measures), Greece has yet to change their socialistic spending ways.
And because neither the EU (European Union), nor the IMF (International Monetary Fund), have anymore money to give, Greece will not get another bite of the apple.
Thus, with the next go around of riots in the streets of Athens, at their soon coming total and chaotic economic collapse, Greece will be on their own.
But that’s not fair! How can that be? How can the EU or IMF or World Bank not lift a dyke plugging finger to help them anymore?
Because as predicted last year, Portugal and Spain are now also teetering on the edge of the decaying and collapsing World Economic Abyss. And (staying with our analogy) two more spurts of water have begun to stream from the corroding dyke.
Thus, because the EU and IMF have spent so much money on Greece, these new leaks are out of reach of the Little Dutch Boy (Global Elites) holding his finger in the Greek leak.
The fact is that should Portugal or Spain require the kind of financial commitment that Greece has required, there isn’t enough money to go around. The Little Dutch Boy will have to take his finger out of the Greece hole and plug the Spain or Portugal hole.
That’s because either one of these two significant countries failing would amount to the end of the Euro and EU. And they won’t let that happen.
As predicted, try as they might to keep it from falling, the Global Elite couldn’t keep Greece from becoming the first European economy to fall. Now, despite their best efforts, eventually more are sure to follow.
And rest assured, we will not just see an effort to reunite Europe, we will see a push for a one World Currency and perhaps… a one World government to keep track of everything.
Time to put your waders on folks. When this dam breaks, everyone’s going to get wet.