Several European ministers tried to deny this, but there are now confirmations leaking out.
Folks, there's no way for Greece to "voluntarily" restructure that makes sense. Their only hope is to do what Iceland did, which is to tell the banksters to blow it out their asses and leave the currency union.
Yes, this will thrash foreign banks - especially German ones - and the ECB. It damn well should.
The fact of the matter is that buying someone's debt on the premise that they will be bailed out (not because you think it's a good investment) is idiotic and if you do that you deserve to lose every penny you put in.
Well, now that may happen. And given how government bonds have a habit of becoming the tools of leverage, the impact of this action is likely to be extraordinarily severe.
For Merkel, Trichet and the Banksters, here 'ya go:
For everyone else, don one of these:
Where We Are, Where We're Heading (2013) - The annual 2013 Ticker
The content on this site is provided without any warranty, express or implied. All opinions expressed on this site are those of the author and may contain errors or omissions.
NO MATERIAL HERE CONSTITUTES "INVESTMENT ADVICE" NOR IS IT A RECOMMENDATION TO BUY OR SELL ANY FINANCIAL INSTRUMENT, INCLUDING BUT NOT LIMITED TO STOCKS, OPTIONS, BONDS OR FUTURES.
The author may have a position in any company or security mentioned herein. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.
Looking for "The Best of Market Ticker"? Check out Ticker Classics.
Market charts, when present, used with permission of TD Ameritrade/ThinkOrSwim Inc. Neither TD Ameritrade or ThinkOrSwim have reviewed, approved or disapproved any content herein.
The Market Ticker content may be reproduced or excerpted online for non-commercial purposes provided full attribution is given and the original article source is linked to. Please contact Karl Denninger for reprint permission in other media or for commercial use.
Submissions or tips on matters of economic or political interest may be sent "over the transom" to The Editor at any time. To be considered for publication your submission must include full and correct contact information and be related to an economic or political matter of the day. All submissions become the property of The Market Ticker.