ECB Official: Orderly Greek Restructuring is a Fairy Tale

Lorenzo Bini Smaghi, an ECB executive board member tells FT that a Greek "soft" restructuring is a "fairy tale":

There is no such thing as an “orderly” debt restructuring in the current circumstances. It would be a mess. And I haven’t mentioned contagion – which would come on top.

If you look at financial markets, every time there is mention of word like restructuring or “soft restructuring,” they go crazy ... “soft restructurings” “re-profilings” do not exist. They are catchwords that politicians have tried to use, but without any content.

Translation: Smaghi is talking real ugly, and correctly so. The only thing I am not sure of is whether Smaghi has wandered off the reservation and speaking truth to power, or whether the banksters have unloaded their PIIGS debt and are moving into a new phase of global plotting. Don't forget, we are only 10 days away from the next Bilderberg meeting.