Despite hevement denials by George Papadreou our Gyros informant just confirmed rumors in the Hellenic press that a second bailout is on the way of becoming fact. The price tag this time is said to range between 40 and 50 billion euries. Europe is fast following the US when it comes to building up astronomical debt of Biblical proportions.
Credit rater Standard & Poor's yesterday dropped the Hellenic Republic's reputation by another two points. S&P has already equated Greece's debt restructuring efforts as leaked this weekend from a uber top secret meeting of FinMins in Luxemburg, to factual default. Greece is now set on par with countries like Belarus and Burkino Faso. Old George is throwing a tiffie, calling S&P's announcement 'not fair' as it is based on market gossip, which doesn't add to it being serious. Whatever.... We are now waiting for the news to break and Europe's FinMins to emerge with egg all over their faces.