Debt Hair Cut for Greece or Trojan Horse

The first of the "Institutions" to say that Greek debt load was unsustainable no matter what the 3rd bailout or when the 3rd bailout and bridge financing are to be agreed to was the IMF who first started leaking it around the same time Washington got directly involved and then in a secret document to the EuroGroup over the weekend which was leaked Tuesday I believe. I truly believe the IMF sees Greek debt levels as unsustainable and although they have several suggestions for lowering it or making it sustainable, the one you hear the most about is an up front debt write off to which Germany has said Nein!

Strangely the European Commission came out yesterday morning and said they believe Greece needs a debt hair cut as well, once again to which the Germans said Nein!

The shocker perhaps is that this morning the ECB's (one of the "Institutions") Mario Draghi came out and said the Greek debt load was unsustainable and called for a debt haircut to which of course the German Finance Minister, Schaeuble once again has said NEIN! NEI?N, NEIN, NEIN!!!

So we now have 2 of the 3 "Institutions saying or agreeing that Greece needs a debt haircut along with the European Commission and Germany on the other side saying NEIN.

IT kind of makes you wonder why suddenly, the Troika who would be very happy to kick the can down the road and continue to use Greece as a conduit to pay itself would suddenly care about anything more than kicking the can as that's exactly what the first two bailouts were which is why we are now looking at a third bailout, because the actual sustainability of Greece has never been a priority, only kicking the can.

Still, why now? Is the Troika or some element inside it trying to create an impassable divide that makes it impossible for a bailout agreement to be reached even though the Greeks humiliatingly dropped their pants and did EVERYTHING the EuroGroup called for and even if they continue to do everything that is called for, if it is indeed the "Institutions" or the "Creditors" who now have an impassable divide over a debt haircut, the outcome would be the same as if Greece itself had said no, NO BAILOUT (of course only after humiliating the Greek leadership, the Greek citizens and making a mockery of democracy in the very anti in which it was born.

Either the Institutions less Germany are coming to realistic senses or something is up and they didn't expect Greece to capitulate after 5 months of saying "OXI!" and now find that they may just have to give a deal that they never intended to which may explain why Wolfgang Schaeuble was out again this morning suggesting, the morning after the landslide Greek vote in favor of the "Institution's" plan, that Greece may be better off simply exiting the Euro rather than getting a third bailout. Now who's wishy-washy.

Something doesn't smell right here, something smells like a rat....