Pane Gamisou

Europe's economic powers have issued the Greek cabinet a last bail-out plan. The indebted birthplace of democracy will receive 130 billion Euros in loans and 107 billion Euros in write-downs, but only if the government agrees to slashing more services and jobs from the public sector. A similar pact in 2010 was met by riots. EEU officials are betting that Greeks will accept this bitter bullet as the only way to avoid bankruptcy. The BBC reported "Greece is a resilient nation, well-versed in surmounting obstacles through their history. But that resilience is being sorely tested. The country has been living with punishing austerity for much of the past two years: unemployment has reached record heights at over 21%, the economy contracted by 7% in the last quarter of 2011. And now, with the bailout deal approved in Brussels, the cuts are set to get deeper still." Greece is a nation of 10,000,000 people. The nation debt amounts to $30,000 per capita. That money will come out from taxes and out of pensions The EEU banks want Greece to reduce is debt ratio to GDP from the present 160% to 120% in 2020. Loan holders will lose half the face value of their bonds. In other words they are fucked, but the other option is to go belly-up. Elections are in April. Anyone who had the balls to tell the banks 'pane gamisou' or go fuck yourself would win the hearts and minds of their nation. Iceland went bust and they didn't sink into the sea. "Vadd rassgat." is go fuck yourself in Icelandic. We all know what it is in English.