Even a regular observer might have lost track of how many Greek rescue agreements were announced over the last two years. A default was impossible. It had been prevented, we were repeatedly assured. And yet, despite all of these many success stories, the Greek government nevertheless announced that it would not be repaying 100 billion of the 206 billion euros it owed to its creditors, while simultaneously signing up for 130 billion euros in new debt. Needless to say, there is almost no chance that any of that new debt will be repaid; this is nothing more than another flimsy support in the giant, extend-and-pretend structure with which the Federal Reserve, the European Central Bank and the International Monetary Fund are attempting to shore up the global economy.