The Greek Soap Opera: Latest Chapter.

Greece was promised bailout funds of $310B, of which $195B have been delivered from the European Stability Fund. The process of delivering Greece from the fruits of Soft Socialism has been very painful and very messy and it is far from over. Hence my periodic updates.

The latest update concerns the delivery of the rest of the rescue funds, some $115B.The next installment of $57.8B will commence Dec 15, if all goes well. Yeah, that's right. The deal will have to be approved by the Greek Parliament and then by the European Finance Ministers. Maybe even the IMF.

There is more to this latest agreement. Greece is now expected to reduce its debt to 120% of GDP by 2020 and to 112% of GDP by 2022. //originally covered up but now admitted, these terms mean that the Greek debt is reduced by E40B.//The maturity of the loans to Greece has been increased by 15 years and the start of interest payments was pushed back by 10 years.

The Agreement is hailed as putting Greece back to recovery. Slice it and dice it as you wish, this is a partial default, because Greece can not meat the original conditions of the loans.

Just as a quick reminder, the US debt is now $16.2T. That works out to $750,000 for every average family. The debt is no longer financed by selling Treasuries only but 70% is financed out of printing money. The debt crisis will come to our shores sometime between now and next Summer. Ben Bernanke will get his wish of more inflation and prove once again that one must be careful of what one wishes for. Jody Miller of NewsBusted had quipped that Pres Obama cried when he thanked his campaign workers and when he remembered of the problems he is now facing, he cried again. The phony "fiscal cliff" will be resolved by increasing tax rates on upper earners which will put us into recession.