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That default should hit, in declining order of evilness:
Yes, it won't hit all the people who stole the money in the first place, and yes it will hit some people who didn't steal any money in this particular bailout. But not hitting every crook is not an excuse for hitting no crook, and with the exception of the pension funds, the ones on this list who didn't steal any money in the bailout are still horse thieves who should lose their shirts on general principles.
Friends come and go. Enemies accumulate.
I'm all for hitting crooks, but it seems to me that because of the willfull insanity of the Irish governement, the ECB and the other euro governments, that window of opportunity is closed.
The best thing I can see is an Irish partial sovereign default, where they default on all debt except that held by other euro nations (i.e. the ECB).
Peak oil is not an energy crisis. It is a liquid fuel crisis.
How would a sovereign default hurt anyone but the ECB (and other holders of Irish sovereign debt)?
But there are a lot of holders of Irish sovereign debt that we want to hit.
We are talking, if the BIS is to be believed, about a quit substantial sum there.
But of course, threatening to default on the ECB isn't a bad idea either. Might motivate them to stop behaving like a hedge fund and start behaving like a central bank. Or not. But then, that would solve the problem as well...
The ECB really need this issue to be settled by a democratic mandate from the people or it will fester on for years. The opposition parties will have a mandate for some sort of renegotiation and if the ECB is obdurate and agrees nothing - then we may just have a Government collapse and another General election and another year of instability.
Do these guys ever learn?
Index of Frank's Diaries
by Frank Schnittger - Aug 1 20 comments
by Frank Schnittger - Aug 3 4 comments
by Oui - Jul 12 46 comments
by gmoke - Aug 1
by gmoke - Jul 31 3 comments
by Oui - Jul 19 70 comments
by Oui - Aug 919 comments
by Oui - Aug 714 comments
by Frank Schnittger - Aug 34 comments
by Oui - Aug 31 comment
by Oui - Aug 23 comments
by Frank Schnittger - Aug 120 comments
by gmoke - Aug 1
by gmoke - Jul 313 comments
by Oui - Jul 3016 comments
by Oui - Jul 30
by Oui - Jul 261 comment
by Oui - Jul 253 comments
by Oui - Jul 239 comments
by Oui - Jul 1970 comments
by Oui - Jul 1932 comments
by Oui - Jul 1691 comments
by Oui - Jul 151 comment
by Oui - Jul 137 comments
by Oui - Jul 125 comments
by Oui - Jul 1246 comments