Bloomberg states EU threatened Banks with Greece's "total insolvency"

Bloomberg has just now repeated what their report from very early this morning initially revealed.

A  depression the likes of which Euroland has never seen, is being forecast on an ongoing FT discussion thread, from a contributor from High Frequency Economics, with this later added for good measure:

"the euro package will divert €1,300bn worth of savings from private sector investment and spending. That must mean a reduction of Euroland’s €9400bn GDP by €1300bn, or 13.8 per cent over the period in which it is financed … if, indeed, all the monies can be raised. In our view, this is a reason to expect a double-digit drop in GDP if this latest scheme is funded over the next year."

Read all the exchanges on that forum, from here.