UPDATE: The ultimate in humiliation is upon the Greeks as the banks have closed their doors. The socialist scheme which exists today has done its job. In a capricious manner they have succeeded in their quest which is to bring the country to heel. The depression vortex is now in full spin, sucking what little is left of Greece’s life blood. We congratulate Germany and France who were steadfast in their demands for reform. They did not cave and we applaud that.

 The son of Zeus and Hera according to Greek mythology, Ares the God of war in the reincarnation of Tsipras, will be paying homage to the European Central Bank (ECB), on Monday, not appearing with stern posture, but from a kneeling position, like the beggar often seen on the streets of Tijuana decades ago.  This will represent the final humiliation to once was a proud country, but now is no more worthy than a rogue pencil seller who squandered life’s chances. It had to end this way, thieves and cheats are not be trusted.

The string has played out, hair dressers retiring at 40 years old with full pension is all you have to know to realize how the European creditors, mainly Germany, have been raped. Enough is enough, the time has come to let them eat cake, but primarily sleep in the bed they made. When a country has the audacity to threaten others for no good reason as Greece has; yes they have demanded that Germany pay war reparations from WWII although this has been a settled decades ago. The U.S. too is on the hook for $15 to $20 billion.

The Greeks are queuing up at the ATM’s like hungry rats feasting on a block of cheese. Monday will most likely be one of many of the bank holidays to come. Look for capital controls, they are necessary to stem the flow of cash from the socialist coffers. Experts expect the Greeks to issue their own currency, the drachma, in a matter of weeks. Of course this will do nothing, but burnish our expectation of massive inflation, unemployment leading to a Venezuela type catastrophe. Poverty for all will result. The thinking is that exports will boom, but what exports?

We toast Tsipras raise our shot glass filled with a shot of Ouzo. Καλό ταξίδι (Kaló taksídi!)