Access Investments-European Union- ROMANIA

A group of top European banks is disclosing that they didn't borrow money under the European Central Bank's bank-lending program, fearful of being perceived as bailout recipients. The ECB in late December doled out a total of €489 billion ($643 billion) in three-year loans at a 1% interest rate to 523 banks. The primary goal was to avert problems at banks that faced waves of maturing debt but didn't have access to borrow money via traditional funding markets. The broad participation in the program, known as the Long-Term Refinancing Operation, fueled a sense of euphoria among many bank executives.

The ECB, Brussels and Germany are corrupt and self interested and don't give a damn about Greece or the amount of austerity they pour over Greek heads. They just want their money back - and with interest. He also points out that the banks in general are incompetent - leaving themselves open to gargantuan losses and not a sign of an insurance policy, relying on depositors' money to cover any losses. The greedy west has stuffed itself, but at least the top boys have paid themselves so much they are now independently wealthy and can just walk away and let others pick up the pieces. The ECB is relunctant to forego of profits from the Greek bonds they purchased but prefer to throw Greece into turmoil and its people into dire poverty as the economy disintegrates in a fifth year of deep recession? ....What an odd position for a Central Bank to take! Even if an involuntary restructuring is averted at this point, a messy default may still take place in Greece a year or two down the road as the debt is still not manageable. Who can guarantee that the overall economy will be strong enough to contain it then? Postponing the crisis may end up costing dearly in the long run.

A DIFFERENT NOTE : --- Romania's prime minister quit on Monday after a series of at-times violent nationwide protests against budget cuts and declining living standards, as deepening political turmoil fueled by Europe's prolonged economic crisis spreads across the Continent. Thousand of Romanians have taken to the wintry streets of Bucharest and other cities in recent weeks to vent their anger at the center-right administration of Emil Boc, who has implemented tough austerity measures in an effort to shore up state finances. "In times of crisis, the government is not in a popularity contest, but is saving the country," Mr. Boc said on Monday. But he said he and his cabinet would step down to "defuse political and social tension" and urged Parliament to quickly choose a new government. The collapse of confidence in Mr. Boc and his team reflects waning popular support for belt-tightening after years of higher taxes and reductions in public-sector salaries and pensions that have so far not been accompanied by a return to robust economic growth.