Messrs Papandreou, Kenny, Socrates, why aren’t you forming a united front to negotiate a better deal? Big debtors also have power
Here’s a very short post with a very simple, obvious, yet powerful idea, tossed out for reader discussion.
Why hasn’t Greece, Ireland, and Portugal (perhaps Spain too?) united to form a PIIGS Power block?
All are being sucked dry by so called rescue programs that so far are only rescuing the banks that made bad investments in these bonds, while innocent populations suffer so that said bankers can continue to get their bonuses.
FYI I’m a right wing pro capitalist, but enough is enough.
Ireland is asked to raise its low corporate tax rate, Portugal asked to sell gold, Greece to sell assets, islands, etc.
This is like a doctor asking the patient to pay his bill in bodily organs.
Rescue plans essentially involve more debt to cure too much debt – albeit at slightly better rates.
The real goal of these plans is too keep PIIGS block paying to bond holders as long as possible, suck them dry, then let them die.
Please. A united front of debtor nations literally holds EU banking hostage. Yes, PIIGS would go down too, but that’s happening anyway.
Clearly Athens, Dublin, Lisbon, and probably Madrid, need to start talking and forming their own counter proposals to the EU. The mere implied threat of coordinated default will be quite enough to suddenly get a more cooperative attitude out of Luxembourg.
As the old saying goes, if you owe the bank $ 1 million, you have a problem. If you owe the bank $100 billion, the bank has a problem.
Hola, Oy mates, attencion, whatever, time for the 3 PIIGS to build themselves a united house of bricks and threaten the EU wolf that if he huffs and puffs he’ll just blow his own banks down!
Isn’t this an obvious step for Greece et al to take? What am I missing.
Dear readers, please enlighten me. What have I not seen?
PMs Kenny, Socrates, Papandreou unite! You’ve nothing to lose but you’re unsustainable deficits.
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