BERLIN—Highly indebted Greece needs a “soft, voluntary restructuring” of its debt, said Jean-Claude Juncker, the head of the group of countries using the euro as a common currency, in a radio interview Saturday.
At the same time, he lashed out at the U.S., calling their debt level “disastrous.”
That’s right, it’s all the US’s fault.
Never mind that there’s plenty of evidence that the EU knew at the time Greece was admitted to the union that it was hiding debt off balance sheet with the help of big international banks. If it didn’t actually and factually know, then the EU’s staff is incompetent and they deserve what they got anyway. If they did know, they’re complicit. Pick one.
The ECB, for its part, is refusing to go along. Why? Well that ought to be obvious – they’ve taken a lot of this crap on their own balance sheet – enough to blow them up, I suspect. That was a move of extreme incompetence and hubris as well. Do they deserve to get away with it? No.
“We can’t push through a private lender participation without and against the ECB,” Mr. Juncker said.
No, really? You mean private holders of this debt won’t take in the butt so that the ECB can sit back and laugh at how they got all their money back? Why you mean the people won’t tolerate having the elites steal from them? They do it all the time – why would this be different (other than being a bit more blatant than usual.)
“The debt level of the USA is disastrous,” Mr. Juncker said. “The real problem is that no one can explain well why the euro zone is in the epicenter of a global financial challenge at a moment, at which the fundamental indicators of the euro zone are substantially better than those of the U.S. or Japanese economy.”
Because you keep buying our crap paper, that’s why.
Why don’t you stop?