Don't forget Target2! Germany is going to take a cold shower of 70-80 billion Euros if there is a Grexit. More worrying Italy and France are up for 10's of billions as well. So it's not exactly a picnic!... Bundesbank's TARGET2 exposureAmount: EUR 513,365,579,273.88
(As at: 28 February 2015)
I think this whole charade may well simply be about buying time for the "made men" of the Brussels Mafia to settle THEIR creditors and bankers down enough to accept a Greek default and exit and to come up with a creditable excuse that claims the EU is intact and the euro is under no threat ... I've just read Varoufakis's six proposals for negotiation in Brussels next week, and they can be summarised as bla-de-bla-de-bla. In any serious discussion they'd get short shrift. With Juncker there trying to be Greeker than the Greeks, all moral hazard will be blown to bits. So Juncker needs to be told his business is to stay away, shut up, and stop meddling - otherwise his own past 'activities' in Luxemburg will be brought to light...I really don't think the EZ should allow Greek pension funds to be raided, or the ECB or EZ to provide cash for Greece to pay the IMF - the money would never be returned, and it would be an added burden for future taxpayers. Let us help Greece into an orderly default, grexit from the euro, and the care of the IMF, with vaguely benign promises of rehabilitation 'as and when' ... This could be the final meltdown of the global ponzi scheme that's being going on for over a century. Then all these people who think they are rich will realise that the money they thought they were owed will never be repaid. The UK and the US didn't avert the collapse of the world's financial systems in 2008, they just postponed it and the imbalances have only got much bigger. If creditors and saver think they're having it tough right now, they ain't seen nothin' yet !
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