The European Tribune is a forum for thoughtful dialogue of European and international issues. You are invited to post comments and your own articles.
Please REGISTER to post.
So, they have cut their own hair... sadly, this is of no benefit to the debtor nations.
It follows that the ECB is now stoutly defending the speculators who buy the bonds at steep discount, gambling that they will be repaid in full (or with a modest haircut, at worst).
So, the original lenders (the bond purchasers) have, to a great extent, been punished for their profligate lending. The citizens of the debtor nations are being punished for their profligate borrowing. The reason this is all so painful is that there is a moral imperative to pay in full the only good guys in the affair : the bond speculators.
Have I got that right?
It is rightly acknowledged that people of faith have no monopoly of virtue
- Queen Elizabeth II
by gmoke - Sep 27 9 comments
by gmoke - Sep 11 2 comments
by Frank Schnittger - Sep 17 133 comments
by epochepoque - Sep 4 8 comments
by Helen - Sep 6 66 comments
by gmoke - Sep 279 comments
by gmoke - Sep 25
by Frank Schnittger - Sep 17133 comments
by gmoke - Sep 112 comments
by Helen - Sep 666 comments
by epochepoque - Sep 48 comments
by Frank Schnittger - Sep 219 comments