The bankruptcy of Greece is only a matter of time.

 Albania

Sahit Muja: Eurozone leaders only bought some time with Greece's bailout. The bankruptcy of Greece is only a matter of time.

The Greek parliament approved a austerity bill to secure a second $130 billion bailout and avoid default after a day of street battles between police and protesters left Athens in flames.

 

The EU is simply trying to prolong the official announcement so they can contain the damage from the French and German banks tanking and recapitalize some of them that can be saved.

 

The Greek politicians too are just trying to hold on to their posts while they get their exile homes ready.

Greece will keep promising everything to get more writedown,“bailout” and then Greece will elect a new government that will begin the process for default.

 

In the end, Greece would be better off outside the Euro, trading short term pain for a chance at prosperity.

But that won’t happen as long Grease’s government is controlled by the technocrats who work for the Troika.

 

Greece has agreed to the Troika's demands and will get the money. The money“bailout” won't even reach Greece but go straight to their lenders.

 About 80% of the bailout is going to pay off bonds, that are owned by banks in Germany and France.

 

In the mean time they have fewer people in jobs and the way things are in Greece, it's unlikely to get investment to start employing the rapidly rising unemployed.

 

As far as I can see, the spiral of economic downwards will continue for a lot longer.
Most skilled Greeks may leave the country and wealthy people will be getting their money out and escape.

 

The social fabric of Greece is getting torn apart and the country will be left with huge social problems for a long time.

 

Greece need economic growth to pay the debt and that is nowhere to be seen.
They may have to declare bankruptcy.

 

Greece has no industry outside tourism to grow the economy, not a good idea to be on the front page news with riots and violence.

Sahit Muja

President and CEO

Albanian Minerals

New York