Several European ministers tried to deny this, but there are now confirmations leaking out.
Folks, there’s no way for Greece to “voluntarily” restructure that makes sense. Their only hope is to do what Iceland did, which is to tell the banksters to blow it out their asses and leave the currency union.
Yes, this will thrash foreign banks – especially German ones – and the ECB. It damn well should.
The fact of the matter is that buying someone’s debt on the premise that they will be bailed out (not because you think it’s a good investment) is idiotic and if you do that you deserve to lose every penny you put in.
Well, now that may happen. And given how government bonds have a habit of becoming the tools of leverage, the impact of this action is likely to be extraordinarily severe.
For Merkel, Trichet and the Banksters, here ‘ya go:
For everyone else, don one of these: