(Reuters) - After initially resisting the idea of any Greek debt restructuring, the European Central Bank is warming to the idea of having private investors share the burden of rescuing Greece, potentially clearing the way for a debt swap.
"Initial resistance"? the so-called bailout of Greece (and all the others) is a scam. Billions have been channeled up the food chain and now that the fat cats have eaten their share the smaller cats, in this case smaller investors, will have to suffer the consequences. The ECB isn't "warming" to the idea, this was the plan all along. The big banks have gotten what they wanted and are now pulling the ladder up behind them. And here they demonstrate it:
Although the ECB still opposes a cut in the principal of the debt, which would mean full default, it is now believed to be considering a scenario in which credit rating agencies would declare Greece in limited or "selective" default -- minimizing the impact on financial markets and its own balance sheet.
I hope everyone understands the enormity of the crime being committed. The economy was brought down in a controlled demolition; the destroyers then bought for pennies on the dollar that which they couldn't filch; then demanded and received trillions in welfare from the governments which they control; then imposed draconian austerity measures on the governments which they had impoverished. Now they are demanding their investments be redeemed at par value and leaving everyone beneath them to deal with the losses.
How they must laugh at us.
http://www.reuters.com/article/2011/06/08/us-ecb-greece-swap-idUSTRE7572OX20110608
