Thursday, October 25, 2012

Are Greece, Ireland and Portugal prepared to default to the EFSF?

The posting beneath this links to the "Lenihan Letter" which supposedly legitimises "RULE BY TROIKA" in Ireland. It appears to have been constructed on some very shifting sands.

One presumes that as ever amounts advanced by the IMF are secured, but can the same be said for sums advanced and due to the EFSF and the ECB. Can even money advanced by the EFSM, to which the UK is party, also really be considered as being of any worth, if not what percentage still is?

Should the three countries now barely surviving under the boot of the Troika decide that the game is no longer worth the candle, which given the comment below is quite clearly the case for Ireland, the EFSF commitments will then become due from the Sovereign State Guarantors.

Such a default would be particularly nasty timing for France, which has just pledged billions for Peugeot to continue making cars few wish to purchase!

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