So?
Face it.
The debts will never be repaid, the banks are all insolvent. Right now, this is the "global economy"
Per Forbes, French Banks are holding $93 Billion Dollars in Greek Debt.
If Greece defaults, the French banks go belly-up.
The European Central Bank just announced $1 Trillion (equivalent) in QE. They will buy up so many bonds from banks and pension funds, even after the PIIGS, the majority will be German bonds. Their QE (just like ours in the USA) is a big bail-out for the politicized big banks of the EU.
So?
Face it.
The debts will never be repaid, the banks are all insolvent. Right now, this is the "global economy"
It’s fascinating but that $93 billion is what’s left of the 80% write-down that the big eurotrash banks already took on the Gleek bond debt. Remember that this all started when the gleek debt was 2.5 times GDP. The debt got written down to about 1.5 X and they’re still not happy. At some point the Gleeks have to start sweeping their own streets and getting productive in some fashion. Sick boat tourism ain’t gonna get it done and importing 85% of their stuff ain’t either.
This nest of socialist buttdraggers hasn’t been a going country for nearly 2500 years now. They can’t seem to fix the roof on the Parthenon or anything else they’re proud of but they sure are perfecting the art of bellyaching. This lesson should be taught in every high school in our own country——repeatedly.
“If Greece defaults, the French banks go belly-up.”
Yeah. They do. What was it that Chuck Colson used to say before he got with God?
‘When you have them by the balls, their hearts and minds will follow.’