By John Galt
July 10, 2011
In a print story by Arthur Beesley from the Irish Times on July 11:
It has to be a joke right?
The Greek people were told repeatedly to “have faith in the European Union and the Euro currency” and now after all that, they are about to be ejected and tossed on the dustbin of globalist history because they banksters realized that all in all, there really weren’t any assets beyond some postcard ruins and a few cool islands for collateral. From the story:
Until now they have always steered clear of anything which raised the prospect of a default rating.
This position was rooted in fear of contagion in financial markets. However, the ministers’ efforts to avoid a default rating while ensuring private creditor participation in the Greek rescue effort have proved fruitless.
At their meeting today, they are expected to examine the feasibility of moves which would lead to a “selective” or partial, temporary default on some Greek debt without leading to a full-blown default.
Senior officials acknowledge, however, that this is inherently risky and unpredictable with a clear danger of an upsurge of tension in markets.
Confrontation with the ECB would also be inevitable, as it has issued dire warnings that such manoeuvres would prove self-defeating by stoking volatility in markets.
In other words they BS (Bear Stearns) solution is clearly on the table where the EU banksters selectively take the assets worthy and protected from Greek society and the riskier assets left with the nation as they swim in their swill of destruction. The idea behind the “partial” default is identical to the solution our Federal Reserve inflicted on the American people where bankster’s losses are socialized while profits maximized for the select few nations and their financial institutions. Stay tuned as the meetings are going to be acrimonious at best and adding to the instability in all of Europe at a minimum.