Greeks Approve Suicide Pact

You know, I was in the car, talking with my son about Greece, and I said that the Greek parliament had approved their own suicide pact by approving the austerity program demanded by the ECB and IMF.

My son, ever the precocious almost 11-year-old, asked me why it was a suicide pact, and I explained that austerity causes the economy to contract, which makes you less able to repay your debts.

I said that it was like demanding a salary cut so that you can better pay your debt.

My son did not understand this at all.

I explained that it was because they are stupid, and by "they" I mean the European Central Bank, the International Monetary Fund, and Angela Merkel.

Charlie did not find this a satisfying answer, and, truth be told, I don't find it a particularly satisfying answer.