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It seems the ECB is trying to ensure that the ONLY option for Greece is a massive default with or without leaving the Eurozone.  This will have a massive impact on the ECB and central European Banking system and make their current bleatings about a mild restructuring having "catastrophic effects" (Stark) seem like so much bullshit in comparison.

Portugal and Ireland would then also be able to plausibly threaten the same and have the ECB over a barrel - if their political leaders had any balls. Irish financial advisers are increasingly advising their clients to take their assets out of the Eurozone.

Merkel seems to be trying to re-Sovietise the EU.

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Thu May 19th, 2011 at 06:10:24 AM EST

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