Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
It is clear that this whole "rescue" mess is simply a way to transfer the losses to the public sector.

Under a default scenario the creditor countries still have to pick up the losses of their banks, so this is just a different way of achieving the same effect, just delayed so well-connected people have time to liquidate their positions...

Economics is politics by other means

by Carrie (migeru at eurotrib dot com) on Mon May 9th, 2011 at 09:35:35 AM EST
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