Greece and EU are Off the Hook: How Events Unfolded

It is a slow day in a little Greek Village. The rain is beating down and the streets are deserted.

Times are tough, everybody is in debt, and everybody lives on credit.

On this particular day a rich German tourist is driving through the village, stops at the local hotel and lays a €100 note on the desk, telling the hotel owner he wants to inspect the rooms upstairs in order to pick one to spend the night.

The owner gives him some keys and, as soon as the visitor has walked upstairs, the hotelier grabs the €100 note and runs next door to pay his debt to the butcher.
zorba 11 Pic from www.theguardian.com460 × 276
The butcher takes the €100 note and runs down the street to repay his debt to the pig farmer.

The pig farmer takes the €100 note and heads off to pay his bill at the supplier of feed and fuel.

The guy at the Farmers’ Co-op takes the €100 note and runs to pay his drinks bill at the taverna.

The publican slips the money along to the local prostitute drinking at the bar, who has also been facing hard times and has had to offer him “services” on credit.

The hooker then rushes to the hotel and pays off her room bill to the hotel owner with the €100 note.

The hotel proprietor then places the €100 note back on the counter so the rich traveller will not suspect anything.

At that moment the traveller comes down the stairs, picks up the €100 note, states that the rooms are not satisfactory,   pockets the money, and leaves town.
No one produced anything.
No one earned anything.
However, the whole village is now out of debt and looking to the future with a lot more optimism.
And that is how the bailout package works! 

Zorba 22Pic from tizprobasok.blogspot.com562 × 348

1 Comment

Filed under taking the piss, the imaginary and the real, world events & processes

One response to “Greece and EU are Off the Hook: How Events Unfolded

  1. In this example, the village had no EXTERNAL DEBT. Each person owed something to another in the same village. The net debt of the village is zero. Its finances were/are in an excellent state.

    If the village had even the most basic form of banking (e.g., a credit union), the “German Tourist “would have not been necessary. The role of the German tourist was to provide credit for a very brief time so that the book-keeping correction needed could be effected.

    Unfortunately, the “Greek debt” is not internal. Greece has borrowed from the IMF and the EC who are OUTSIDE. They, like Shylock do not forgive.

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