If you owe the bank $1,000, You have a problem

If you owe the bank $1 billion, the bank has a problem. It’s The IMF That Has A Greek Debt Problem, Not Greece At All

There’s an old saying that if you owe the bank £1,000 then you have a problem, if you owe them £1 million then the bank has a problem. It is indeed an old saying so we should probably update it to £1 million and £10 billion to get the correct sense of scale here.

Greece owes the rest of Europe so much money, that it cannot repay it. Politicians don’t want to admit that they lent Greece money that it can never repay. What a shock; politicians are avoiding unpleasant budgetary issues. (That never happens in the USA, does it?)

It looks as though the IMF is about to stop covering for the politicians. And just in time for a raft of elections in Europe.