Friday, March 09, 2012

85.5% of Greek bondholders concede to EU blackmail!

The rule of law has been trampled upon in the EU. We must now wait to see if the legal retroactive ruse inserted under Greek law will be used to cudgel those who held out against this coercion. 

In the report from the Daily Telegraph, comes this particularly amusing quote:

Evangelos Venizelos... the Greek finance minister said it was an embarrassment that six out of 15 state-controlled pension schemes – including one that serviced his own ministry – were withholding their support hours before the deadline. “When pension funds in other countries that invested in Greek bonds are taking a haircut, how can our own funds refuse to join in?” he said.
Ambrose Evans-Pritchard describes the reality of the illegalities more clearly in his column, linked here. It begins with an apt quote, a phrase perfectly applicable for the EU itself, to my mind - "The rule of law has been treated with contempt".



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