The latest request to restructure Greece's debt has been denied. with a quote from the ECB that should be classic:
A Greek debt restructuring is not the appropriate way forward -- it would create a catastrophe” because it would damage the banking system, ECB Executive Board member Juergen Stark said today in Lagonissi.
Look at this quote on their demand to privatize:
“Privatization makes a real difference,” said Poul Thomsen, head of the IMF’s Greek mission, which is in the process of reviewing the country’s progress on the bailout conditions. “If targets can be met, it will make a change to debt sustainability.”
Oh really? And that is why the US deficit is so small today, or other nations who privatized?
Seems The Greece Prime Minster, George Papandreou, is all for denying Greece any debt restructuring as well.
Greece must avoid debt restructuring and push on with budget cuts and privatisations to overcome its debt crisis, the country's Prime Minister George Papandreou and senior ECB officials said on Saturday.
Papandreou also said:
Henceforth, the European Union will escort Greece's privatisation programme as if we were conducting it ourselves
Needless to say Greece is up in arms, and Spain is also protesting. Of course, it's all about the banks, it always is. People be damned.