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Party of the Radical Left
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Greece’s new “man of the hour” is making waves with his demand that Greece renege on its pledges to implement more austerity measures.  When the New Democracy Party could not form a coalition government, the task was passed the Alexis Tsipras.  Tsipras belongs to the Coalition of the Radical Left party.

Tsipras announced he could not form a government with either of the “big two” parties unless they wrote Brussels and renounced the economic reforms agreed to as a condition to receive bailout money.

The Radical Left- Alexis Tsipras

If a government cannot be formed, another election will be scheduled.  By the time it is held, Greece will be broke and in default.  The European Commission has made it clear there will be no additional money forwarded to Greece if the reforms are not implemented.

The Guardian does an excellent job of recounting the day’s events as they unfold.  If you read it from the bottom up, the timeline is accurate.

The market fell through our previous low and looks to rally into the afternoon.  We don’t hold much hope for a complete reversal of the morning’s losses.

Editor’s note:  Our letter is short today, as I received sad news last night that a life-long friend tried to commit suicide.  There have been many calls last night and today.  I must pack up to leave to support the family.

The mailbag:
Am I missing the point or are these guys painting themselves into a corner?  Sounds to me like they are tellling the world that they are not going to get their houses in order and that the rest of the world has to continue to bail them out.---subscriber J.P.

John’s reply:  It is hard to understand where they think the money is going to come from.  Germany is not going to ante up...Merkel's party is in trouble for being too easy with bailouts.  The German people are afraid of inflation (memory of 1920's hyperinflation after WW1).  The public does not want lose monetary policy.  If you can't borrow it, can't print it, and can't tax it...where does it come from?  Greece ends up leaving the Eurozone so they can print Drachmas.  France...I don't know.

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