Thursday, November 29, 2012

The Bust Banks of the EU

So the IMF has forced the farce over Greece finally into the open. Repayment of funds already advanced to Greece will be pushed further back into the distant future with all aware that means never, the interest rate paid will be reduced to less than one per cent with the clear understanding that following the German elections this too will get ever closer to zero with actual payments of any installments a figment of fantasy.

So much for moral hazard!

In Spain the horror of Bankia continues to be treated as other than it clearly is, read some questions raised by the Wall Street Journal from here and various earlier postings on this blog as to how that situation was allowed to develop.

In Britain we have RBS, Northern Rock, Lloyds HBOS etc while France and Belgium so far share Dexia with others no doubt waiting in the wings. The entire Greek farce of recent years has after all been designed to protect German, French and other too big to fail financial institutions from the consequences of their own decisions.

First thing this morning I tweeted that we needed a collective noun for the kind of filth who have been involved in making these obscene and disastrous policy errors as follows:

We need a collective noun for the members of the three main political parties who have sold off our democracy and their morals: ??

On reflection #SULLIED seems rather mild

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