So, the pro-bailout conservative New Democracy Party came out as winner, capturing about 30% of the vote and 129 of the 300 Parliament seats, it needs to seek coalition partners to form a new government with at least 151 seats for a simple majority. The result does provide some breathing room to the euro zones, but even if the new government can comply with all the requirements of the creditors and can obtain the 130 billion euro rescue loans, nothing has changed except that Greece will be deeper in debts with further shrinking in its economy.
George Soros pointed out recently that EU authorities did not understand the nature of the euro crisis, "They thought it is a fiscal problem while it is more of a banking problem and a problem of competitiveness." "You cannot reduce the debt burden by shrinking the economy .........". He gives the EU three months to either take drastic action or to fall apart.
Billionaire investor, Jim Rogers, has been known to disagree with bailout mentality, believes a better solution is to let Greece goes bankrupt. Let the creditors that have been taking advantage of the high-yield government bonds to take the necessary losses. Any bailout benefits only the government and the banks only.
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