– CDU’s Michael Fuchs “Greece Cannot Be Saved, That Is Simple Mathematics” (ZeroHedge, July 27, 2012):
Since it has now become the norm to spread myth, fairy tales and magic during the week, only to collapse the wave function of an insolvent “developed world” with a double dose of reality during the weekend when markets are conveniently closed (recall the Draghi in a Box phenomenon) only to repeat it all again the coming week, here is some more truth which may force Citi to hike its estimate of Greece leaving the Eurozone from 90% to 110% (or about how much of QE3 is now priced into the market): “Greece cannot be saved, that is simple mathematics,” Michael Fuchs, deputy leader of the parliamentary group of Merkel’s Christian Democrats and their Bavarian sister party told weekly business magazine Wirtschaftswoche.” Indeed, truth hurts, especially when accompanied by math. Which sadly is the problem these days in a world where math and surreality can no longer coexist. And sadly, in the absence of money growing trees, where one can create wealth out of thin air, not fiat dilution, disappointments such as these will only propagate until the game (over) theoretical equilibrium we discussed yesterday has no choice but to finally make its appearance.
“Greece cannot be saved, that is simple mathematics,” Michael Fuchs, deputy leader of the parliamentary group of Merkel’s Christian Democrats and their Bavarian sister party told weekly business magazine Wirtschaftswoche.
“The government has neither the will nor the means to implement reforms,” he said.