Despite “Austerity” Greek Debt Is Rising At Its Fastest Rate Since March 2010

Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

zerohedge.com / By Tyler Durden / August 26, 2013, 19:58 -0400

The total amount of Greek government debt outstanding has grown so much over the last 15 months that it has retraced over 60% of the ‘haircut’-based reduction and has jumped a stunning 14.5% in that period. As KeepTalkingGreece notes, this is despite three years of strict austerity measures, incredible taxes and a debt haircut of 53% (~100billion euros in March 2012). AsTo Vima reports, Greek debt stands at EUR 321 billion, which is considerably higher than the pre-crisis levels of 2009. Is it any wonder that Merkel and Schaeuble have been forced to admit that a new bailout will be required? And how long before a ‘new template’ will be enforced?

Via KeepTalkingGreece blog,

The current debt data corresponds to 180% of GDP and thus despite having achieved a primary surplus. the debt is still burdened with the amount of loan interests.

Finance Ministrer Yiannis Stournaras and his economic team try to find ways on how to deal with the issue.

The big question remains: is the debt sustainable? Could a new haircut solve the problem of always increasing debt?

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Thanks to BrotherJohnF