Greece's Election Has Solved Nothing

Looking away from Europe would be a mistake for U.S. investors, large and small. Francesco Guerrera discusses on the News Hub. Photo: Bloomberg.

New Greek Rescue Clash With Germany Looms -- Wall Street Journal

Greece appears headed for a new clash with Germany over its rigid bailout program as the winners of Sunday's Greek election prepare to ask Europe for more time to cut public spending.

Greece's conservative New Democracy party and its likely Socialist coalition partner, known as Pasok, are working on a proposal to ask other euro-zone countries for an extra two years to meet Greece's fiscal targets, officials involved in the preparations said. The request would mean that on top of the €173 billion ($218.7 billion) bailout plan agreed early this year, Greece would need an additional €16 billion in financing from Europe, these officials said.

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My Comment: Greece's request for an extension on their austerity program is only confirming what the skeptics were saying about Greece for the past few years .... they are not serious about implementing an austerity program. And these skeptics are right. As this 'can' continues to be kicked down the road .... Greece's depression will only continue and requests for more monies and assistance will increase over time.