You have to love this latest Bloomberg article that discusses how private investors are “participating” in Greece’s debt restructuring.
The article states:
The private investors that so far declared their participation in Greece’s debt restructuring hold about 20 percent of the bonds involved in a swap required for an international bailout.
The 12 members of the creditors’ steering committee that said yesterday they would join in the exchange have debt with a face value of at least 40 billion euros ($53 billion), compared with the 206 billion euros of Greek bonds in private hands, according to data compiled by Bloomberg from company reports.
European officials are pressing investors to swallow the writedowns to avert even greater losses. The participating firms include some of Greece’s biggest creditors, including National Bank of Greece SA, Alpha Bank SA (ALPHA), BNP Paribas SA (BNP) and Commerzbank AG. (CBK) The goal of the swap, which runs through March 8, is to reduce by 53.5 percent the total of privately held Greek debt, helping avert an uncontrolled default that could roil markets and spur contagion to states such as Portugal.
“European officials are pressing investors to swallow the writedowns ” – as if the private investors are the ones who should decide if they will take losses on their bad bets or not. Of course the private investors who gambled on Greece and lost should take the damn writedowns! In a free market, this entire debate wouldn’t even exist. Of course, not only should they take the write downs, but there shouldn’t be any bailout of Greece at all! There should be a total default of the Greek state!
We can see the elite control over tax payer money so clearly in this article, yet the article puts the manipulation in terms that seem so innocuous that the average person wouldn’t even recognize what they are reading.
The article makes the assumption that if we don’t bailout rich people, they will go bankrupt, and if rich people go bankrupt, the entire world economy will implode!
Well I say – HALLELUJAH FOR THAT!
If the “99ers” want a target to go after, here they are.