If this is a bailout, Greeks want a leaking life jacket.

An infected human body.  That's what Greece is. A malignant tumour is in her genes for more than two years but she just takes more pills as if she is going to escape death.

Yesterday we were witnesses of a political and economic celebration. The dept swap was characterized as “historic”. Nicola Sarcozy, Christine Lagarde, Angela Merkel, Oli Rehn expressed their relief after such a huge success.

However, we should focus on the guarantees that Greek politicians offered for this new bailout.

The news from the latest GDP figures for Greece showed that her economy contracted by 7.5% in the final three months of 2011, far worse than the previously estimated 7%.

The unemployment rate reached the 21% and is expected to break another record next month.

The purchasing power of Greek citizens suffered another stroke after further decline in wages and pensions.

The Greek parliament decided to cut the minimum wage and make labour markets more flexible, so as to become more competitive, attract investment and generate jobs although these measures proved ineffective in other E.U. countries.

The possibilities of the above to change after Mr Venizelos “triumph”? None.

Although we get off our back 124 billion euro we simultaneously receive another bailout loan of 130 billion euro.  So the Greek climbing dept remain unchanged without any serious artificial limb on site.

European bank, European Union and IMF will release the new money injection in order to service banks and other creditors and there will be no intention of investments for economic development.

So, are we in square one? Unfortunately we are in minus square.

The debt is unsustainable and so are the new austerity measures Greeks have to face. Greeks lose their money, patience, mood and, according to the suicide rates, their lives for no reason.

So, our infected body remains without remedy. Loses limbs, eyes just before loses its soul.

Do Greeks deserve such torments?  They say, no. Bankruptcy now seems more legitimate than Angelina’s Jollies leg.

I give them right. They’ll have to face it sooner or later. They want to do it now that they still have some of their conquests in heir hand.

PS Of course it is a credit incident, who doubts it?