After making great strides towards climbing out of massive debt, the Greeks have decided to turn away from “austerity” and go back to borrowing like idiots so that they can collapse again and take the rest of Europe with them! Good job guys.
Not surprisingly, the Euro fell to an 11-year low after the news and stocks slipped with the knowledge that Greece is embracing socialism.
The euro skidded to an 11-year low and stock prices fell on Monday as Greece’s Syriza party promised to roll back austerity measures after sweeping to victory in a snap election, putting Athens on a collision course with international lenders.
The euro fell to an 11-year low of $1.1098 EUR= on the vote outcome, before recovering to $1.1171, still down 0.3 percent from last week.
The election was the second blow since last week for the euro, still smarting after the European Central Bank unveiled a huge bond-buying stimulus program.
Enjoy yourselves before the inevitable debt implosion, Greeks!
Don’t worry though Paul Krugman will be there to explain how you did deficit spending wrong, and you weren’t socialist enough. I guess that doesn’t help much though.