Greece gets bailed out.

This is what happens, when you spend money that you really do not have; also too, this is why progressivism is an abysmal failure.

ATHENS – Greece announced Friday that 85.8 percent of its private-sector creditors had agreed to swap their bonds for new ones at a huge loss.

Greece’s Ministry of Finance announced the result on its website Friday after bondholders had to lodge their acceptance of the deal by a Thursday evening deadline.

The wide participation of the offer indicates that Greece will go ahead with the restructuring that hopefully marks a seminal moment in Europe’s long-frustrated efforts to rescue its most financially vulnerable nation, The Wall Street Journal reported. It is the largest-ever sovereign-debt default and the first for a Western European country in half a century.

The restructuring now set to be executed will see Greece chop 53.5 percent from the face value of around 200 billion euros ($265 billion) in bonds held by private creditors.

via Greek Debt Restructuring Deal To Go Ahead, Government Announces | Fox News.

Because sooner or later; someone ends up; as the old saying goes, “Taking a Bath.” Looks like investors are taking a big one. All so this idiotic nation here can bail itself out and get another nice helping of our money. These idiots should have learned long ago that you cannot continue to run a Country like this; but as they say, you cannot teach an old liberal dog new tricks.

But then again, we are dealing with liberals.