The European Central Bank is not happy with any of this talk about a restructuring of Greek debt.
“A Greek debt restructuring is not the appropriate way forward -- it would create a catastrophe” because it would damage the banking system, ECB Executive Board member Juergen Stark said today in Lagonissi, Greece, reports Bloomberg. Fellow board member Lorenzo Bini Smaghi said in Milan that “a solution for reducing debt but not paying for it will not work.”
Translation, the banksters must be paid in full and on schedule.
That should keep the hard questions away for another couple of weeks while a convoluted deal is hashed out which puts the taxpayer on the hook.
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