Sunday, July 5, 2015

The Greeks Just Monkey Hammered Ponzi World

Overwhelming "No" to Ponzi servitude.

Never leave the people with nothing left to lose. A lesson today's stunned dunces in dealership haven't learned. Yet.

Barrons July 3, 2015
"This is a hit to the European financial system nearly as big as Lehman Brothers’ balance sheet was in 2008. Greece is on the verge of defaulting on 490 billion euros ($540 billion) in loans, bond obligations, central-bank liquidity assistance, and interbank balances. Who will bear those losses? Greece’s creditors, which are all public entities across the euro zone, and that are on the hook for some €335 billion in loan guarantees. How will those losses be covered? Bonds will have to be sold that will roughly equal the increase in annual debt purchases by the European Central Bank announced last January."