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Archive for July, 2011

Default is no Greek Tragedy

THE troubled citizens of Greece woke up last Monday morning with a lot less than a bump. Life was surprisingly smooth in the land of default.

The acropolis was still standing. The ATM machines were still working. Teachers, nurses, police and soldiers were cashing their pay cheques. The Athens trams were running on time. Greece’s citizens had a bounce in their step as they strolled into work.

Default had been faced. No disasters had afflicted them.

‘D’-Word is Not So Scary Now

Who is afraid of a sovereign default?

“Not I,” said the Greek. On Thursday, the dreaded D word was an ingredient in the potion to raise Greece from the grave.

False Confidence Will be Fatal

THERE is a tall tale told of British pluck at the time of the Mau Mau wars in Kenya . . .

One of the Brit colonials was found trussed to a tree by a passing patrol. He was delirious, battered and bruised, bleeding to death with a spear through his stomach pinning him to the trunk. Blood was everywhere.

Beards Sweat it Out in Sauna

JEAN-Claude Trichet is on his knees, begging our hero to change his mind. Nicolas Sarkozy is planning an emergency visit to Ireland to plead with him. US Treasury Secretary Tim Geithner is seeking an audience with him. Enda Kenny is waving the white flag.

Enda’s Missed Opportunity

FOR a brief moment last week, fool that I was, I thought we were crossing a rubicon of reform. Insiders need not worry. Bonuses are not on the way out; banks are not being reformed; semi-states are not bowing the knee; seats on boards are safe. Instead of reform, fresh phrases are being invented to give the impression of radical change.

Even that mother of all misnomers, the “public interest” bank director, resurfaced.

Ponder for a moment what, in the name of Declan Collier, these bank directors do in the “public interest”.