H/t reader M.G. (commenting on this article Japan National Debt Rises To ¥1,053,357,200,000,000):
“Thanks to Fukushima, Japan is finished, but nobody dares to say so. They always kept a strong fiscal house……but can no longer do so, and their national debt is growing to unsustainable levels.
The same story with most of the western world……debt, and more debt.
Now, Greece’s situation has moved out of control………nothing can save it, but the debt funded stock markets continue to climb…happy days are here again.
From the Guardian…….”
– Tsipras sees ‘happy ending’ for Greece in crisis talks as €750m repayment nears (Guardian, May 8, 2015):
Greece’s embattled prime minister, Alexis Tsipras, has insisted he is confident of a resolution to the country’s debt crisis, as his government struggles to meet a €750m (£545m) repayment to the International Monetary Fund next week and avoid default.
Greece is starved of cash but senior EU officials say there is no prospect of a deal releasing bailout money when the eurozone meets on Monday in Brussels.
Tsipras said on Friday: “I am confident that we will soon have a happy ending and that despite the difficulties … we will carry out the agreement, which will be concluded soon in Europe.” He added that his government was “doing whatever it should in order to reach … an honest and mutually beneficial agreement with our partners”.
Greece has to pay the €750m to the IMF next Tuesday and is desperate to free up the €7.2bn in bailout funds still sitting blocked from its creditors. But while the brinkmanship between Athens and the eurozone has given way to more substantive negotiations recently, both sides are nowhere near a pact that would trade rescue funds for fiscal and economic reforms, a senior EU official said.