John Ward – ECB Policy On Greece: Yes, You Do Have To Be Mad To Work Here – 7 August 2012

It doesn’t get much sillier than this.

Earlier on Eurenders, Mario the money-changer told Stavros at the Bank of Greece that he could have more and easier access to the wonga at Mario’s Loans. But Stavros already owes Mario €3.2Billion on a previous Bond.

So Stavros asks the eurozone for a bridging loan from the ECB to pay back the Bond issued to the ECB. Eurozone says no. So Stavros asks the ECB for a further 30 days in which to cough up. Eurozone says no.

So this week, the Bank of Greece which supposedly has more relaxed access to ECB loans will have to auction €6bn of short-term paper to local Greek banks. In doing this, the Bank of Greece will be selling toxic debt to these banks which already rely on emergency liquidity assistance from yes, that’s right……the Bank of Greece.

And in the next episode, Gulliver visits the Island of Drivatiffs, where two peoples – the Obligashuns and the Goblinashuns – fight regular wars about whether one should have one’s feet nearer to the ground, or one’s header nearer to the sky.

Neither can win the argument, because both have their heads and feet up their arses. link to original article


Comments are closed.