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?

Will Britain now contribute for Oil for Greece?

The weak-willed Coalition Government of Cameron and Clegg could next be about to concede further aid to Greece disguised as mitigation of the consequences of imposing an oil embargo against Iran.

A report in Reuters, linked here, suggests nothing will be agreed until Monday, but it should be recalled that most commitments by our treacherous politicians to continue to provide aid, usually in the form of cash or cash guarantees for the Euro Group, have been entered into during the weekends. Language such as the following should by now be taken as a clear warning sign of extra commitments ahead:

Jan 20 (Reuters) - EU foreign ministers will assure Greece on Monday that it will still be able to buy oil on reasonable terms after the introduction of a planned EU ban on Iranian crude, a senior Brussels official said.But he added that ministers, who plan to announce the embargo at a meeting on Monday, will not come out with a detailed plan that same day on how to maintain supplies to Greece, which sources around 23 percent of crude imports from Iran.