CDS will not be paid although the risks covered have clearly occurred!

The news that so far  private bondholders must eat their Greek losses even though the risk against which they bought insurance coverage read one report here, undermines the whole basis around which our society is run and which informs the everyday decisions of every man and woman in the West.

Can our car have an accident and our insurer refuse to pay? - Apparently Yes!

Can our home burn down or be robbed and insurance due be refused? It seems so!

Might I die and my widow no longer receive our pension? On the Greek precedent YES!

What exactly do these evil, manipulative supposed leaders gathered in Brussels this evening think that they are achieving with their foul deceit, deviousness and outright lies?

How do they imagine they can decree that the ECB and EIB, their creations, can escape with zero penalties while the entire body of contract law and trust between commercial consenting parties is destroyed?