The latest ‘bailout’ in context

As of this morning the markets have shown their ‘optimism’ because the latest tranche of bailout money has been released - to go to European banks - in return for Greece’s sovereignty.

This relates back to this article: 
http://robinwestenra.blogspot.co.nz/2012/02/leaked-memo-blows-lid-off-of-entire.html

Here is Mike Ruppert’s reaction:

"Again, basically what it shows is that European leaders can't deny what everyone sees as obvious: That everything undertaken so far is destroying the Greek economy, and that further reforms will only make it worse."

Here is my reaction to the announcement of a new Greek bailout.

My rage surfaced yesterday as the headlines and banners proclaimed that a last-minute breakthrough had "saved" Greece from default and saved the EU... Let's put this in perspective. Greece has been up for three different bailouts. The one that was "secured" last night is a long-delayed second tranche that has been held up since before the current stage of collapse kicked in last Fall. It doesn't do anything for conditions now.

And that bailout is predicated on growth over and above 2007 levels while at the same time Greek GDP has shrunk by 16% since 2007 with the Greek economy now contracting at an (accelerating) rate of 7%/yr.  

Greece is in ruins. 

Athens looks like a war zone. Pharmacies have no medicines. People are homeless and hungry. The suicide rate has doubled and this "new", miraculous bailout requires more austerity measures that include a 20% reduction to an already unlivable minimum wage along with the elimination of an even larger chunk of civil servants. The imposed austerity has destroyed the ability of the Greek economy to function, to stabilize, to even begin to pay the basic interest on the new debt.

There are zero solutions for Greece here, a solution being something that will restore everything to "the way we were".

Nobody is falling for this. Not Spiegel. Not Zero Hedge. not Mish.... Nobody!... I can hardly wait to hear what Max Keiser has to say bout it.

Growth is over. Growth is over. Growth is over. And the Greek people just got hosed again. And a leaked memo, obtained by Business Insider reveals that the bankers who made the deal are fully aware that what they present to the world as good news is a death sentence for the Greeks..