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 Post subject: Greek bailout explained
PostPosted: Sat Nov 26, 2011 4:41 pm 
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Joined: Tue Feb 21, 2006 5:22 pm
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Location: In the early days of a better nation
For those of you who have trouble with macroeconomics

Greek Bail-out Explained

It is a slow day in a little Greek village. The rain is beating down and the streets are deserted.
Times are tough, everybody is in debt, and everybody lives on credit. On this particular day a German tourist is driving through the village, he stops at the local hotel and lays a 100 Euro note on the desk, telling the hotel owner he wants to inspect the rooms upstairs in order to pick one to spend the night.

The owner gives him some keys and, as soon as the visitor has walked upstairs, the hotelier grabs the 100 note and runs next door to pay his debt to the butcher. The butcher takes the 100 note and runs down the street to repay his debt to the pig farmer. The pig farmer takes the 100 note and heads off to pay his bill at the supplier of feed and fuel. The guy at the Farmers' Co-op takes the 100 note and runs to pay his drinks bill at the taverna. The publican slips the money along to the local prostitute drinking at the bar; she has also been facing hard times and has had to offer him "services" on credit. The hooker then rushes to the hotel and pays off her room bill to the hotel owner with the 100 note.

The hotel proprietor then places the 100 note back on the counter so the rich German tourist will not suspect anything. At that moment the German tourist comes down the stairs, picks up the 100 note, states that the rooms are not satisfactory, pockets the money, and leaves.

No one produced anything.

No one earned anything.

However, the whole village is now out of debt and looking to the future with a lot more optimism.

And that, ladies and gentlemen, is how the bail-out package works . . . well, sort of.

_________________
"The thistle rises and forever will" - MacDiarmid

NB - I am not the same person as the poster "Scottish republic".


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