It is now eight weeks on from our first posting and still the Greek tragedy stumbles from deadline to deadline.

Last week the EU stumped up another 7,160 million euro as an emergency loan. And, as predicted, the UK was indeed hit with a large contribution (1,000 million euro) by our friends in Europe – despite not even being part of the eurozone. In return we have been given a ring-fenced promise that it will be repaid. But with the eurozone itself having eighteen countries (plus Greece) that could have paid a bit more it does feel like the UK is paying someone else’s bill.

So what did the Greek people get from this extra 700 euro per person of additional debt? Nothing. It was spent on the payments already due to the European Central Bank (ECB) and the International Monetary Fund (IMF). But there are more funds on the way .. probably.

First the ECB has shipped cash to Greek banks so that they can stay solvent. Next there are discussions aimed at agreeing a 86,000 million euro bailout. This third bailout loan is intended to re-capitalise Greek banks, pay interest on earlier loans and repay some previous debts [source BBC]. So again no direct benefit to the Greek people. It is simply a loan to help service earlier loans – which will next require a 3,400 million euro repayment by 20th August. But there are also proposals to sell off state assets. And if this goes to plan – and achieves their true value – the revenue produced should improve the situation – a little. However even after a fire sale of assets the total Greek debt will still increase; worsening the austerity situation in the country for years, possibly decades, to come. A situation that must be hard to swallow given the two recent democratic votes – first to elect anti-austerity politicians and then against any stricter EU constraints.

But at least the politicians at the top of the EU have a cause to celebrate. They have kept Greece within the euro block and maintained their onward march towards the goal of a mighty European Empire. One as great as that of Charlemagne …

We are persisting with these basic German phrases – as a service to those Grandads who stay in the UK after a Yes vote in the 2016/17 European Union Referendum and in response to this warning. Achtung! Anyone not reaching the required standard by the required date vill have their name reported to their local EU Commandant ..