Greeks, Germans, Big Numbers, etc.
Ahead of tomorrow’s important German high-court ruling on the constitutionality of Europe’s bailout program, there is no lack of discussion in the local newspapers about the relative merits of policy makers continuing to do what they’ve been doing or changing course.
But, when it comes to the question of whether the spendthrift Greeks should stay in the eurozone or be cut loose, it seems there is little disagreement amongst the German people, at least according to the graphic provided in Der Spiegel’s Why Merkel Wants To Keep Greece in Euro Zone.
The other graphic associated with this story puts the Greek bailout tab at 240 billion euros (or just over $300 billion) and counting, a sum that, to us Americans doesn’t seem like a whole lot of money.
But, when you consider that the Greek economy is just a fraction of the size of the U.S. economy (ironically, also about $300 billion) and that this is the equivalent of the U.S. getting a $15 trillion bailout, you have to wonder why they haven’t already engineered a “Grexit”.