Abraham Lincoln had it right when he said "we must not promise what we ought not, lest we be called upon to perform what we cannot."
German-born Felix Heligmann, a money manager who plies his trade in Costa Rica, figures Greek Prime minister George Papendreou, for one, might well heed Lincoln’s words, given his repeated assurances to the world that Greece will soon be the recipient of its much needed bailout package from the Eurozone countries to enable it to roll over its debt.
Near term, Greece has to come up with eight billion Euros or $11.5 billion dollars by May 19, and then raise another 20 billion euros or $27 billion for all of 2010 to meet its financial obligations.
"I’ve been hearing nearly every day they’re getting the money, but where is it?," Heligmann asks. "Greece," he notes, "has been saying since January it’s on the verge of restructuring its debt. Let’s hope," he quips, "Papendreou hasn’t had too much ouzo."
To read the full article, click here …
