Thatcher Rule Asserts Itself in Athens, Greece

Northern Athens municipality suspends services due to lack of cash

The municipality of Acharnes in northern Athens has decided to suspend all of its operations after running out of money.

The municipal council met on Thursday night and voted to stop providing anything other than basic services because of its inability to pay employees’ wages and regular expenses.

“Acharnes Municipality will remain closed indefinitely, until the financial problem can be resolved,” the local authority said in a statement.

In case you forgot the Margaret Thatcher Rule:  

Eventually liberals run out of other people’s money.”

Zero Hedge:  “cash flow is always more important than diluting the M2 (the Fed is great at the latter, powerless at the former)”

 

 

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