No, I just don’t get it. I know the guy was leaving the ECB but he was right about that, losses that near 50% may result in Greece to be unable to access markets for a very long time. Plus the opposition to swap a large part of the debt into perpetuals is very short sighted and poorly motivated with ideology not taking into account that perpetuals aren’t perpetual? It is perpetual until the next boom when funds start to sell to go after riskier assets for higher returns, pensioners asking for less security and higher payouts, there is demand today for perpetuals EFSF interest payments insured, at least, I believe there is, sell and when times are better and funds sell for better returns, buy on the market and restructure the debt. Had a good laugh about it (banks losses as I hated their lousy jobs with the public) but not worth the consequences. These guys are just…. crony banking lead to the result on display right now and guess what they say, let’s do more! Stunning.

I just assume the shareholders aren’t invited to the party and ahead there will be a lot of court action because I don’t see may be I will but right now I don’t, what’s the motive for the losses, the French president and German chancellor told me to do it?