Those Darn Europeans Might Start Forcing Private Companies to Bail Out Greece (Again)
pic credit: Pundit Kitchen
Read the following carefully, focusing on the last part extra carefully.
German Chancellor Angela Merkel Saturday urged "substantial" aid from private creditors in resolving Greece's debt woes, as the Eurogroup warned the crisis could spread like a firestorm through other EU economies.
"We must be sure to try to have a substantial contribution" from private creditors like banks and insurance companies for debt-laden Greece, Merkel told a meeting of her Christian Democrat Union party in Berlin.
However the German leader added that "at the moment we can only get the participation of the private investors on a voluntary basis."
"At the moment" says to me that Merkel is considering a scenario whereupon private companies will be forced for the greater good of the union to participate in any bailout scheme those darn Europeans come up with. Or, remembering that the game is rigged, Merkel already knows that's going to happen and is merely pretending to give private companies an opportunity to opt in or out.
A reverse bailout whereupon private companies bail out a government? Now that's innovation.
Whatever it takes!