Just as the creation of a credit "bubble" was the result of the self-satisfaction of Central Banks, so too does the rescue operation carry the risk of creating a new "bubble," with the printing of 7 trillion dollars from "thin air."

This liquidity, "frozen" with banks' deposits at Central Banks, may overflow and cause an inflationary "domino effect" as soon as a political event induces panic in the markets (e.g., a war against Iran).

The significant price increases this year in food, metals, and gold reveal investor nervousness. This dangerous outlook finds Greece trapped in the "trap" of public debt, resulting in the "prosperity" of loans secured by ruling parties after the transition being now succeeded by the plight of deficits, unemployment, and debts, which total more than 750 billion euros (public 310 + private 250 + pension 190).

The country exhibits a twin deficit: in the budget (12% of GDP) and in the (un)balance of external payments (7% of GDP). This makes servicing particularly difficult under conditions of restricted foreign borrowing.

Nevertheless, there are no unsolvable economic problems. Greece's problem is political. With the right leadership and serious measures to curb public waste and taxation of overconsumption, the country can exit the crisis.