[kitchencabinetforum] FORCED ROLLOVER IS A FORM OF BANKRUPTCY!

Schaeuble urged the German parliament on Friday to back additional aid for Greece but said the banks' participation in a new package was unavoidable and that he favored a swap that would push out Greek debt maturities by seven years, i.e., a forced rollover, which is a form of bankruptcy! http://venitism.blogspot.com

Any bailout for the Cradle of Kleptocracy is taxpayers' hard-earned money blown out with the wind, because the October-18 Mafia continues corruption, squander, Marilizardism, Xenoyankism, incivility, stupidity, charge stacking, and junketing. The Grand Brothel on Syntagma Square and the Eldorado of Prostitutes are in cahoots to perpetuate immunity, impunity, and the corrupt status quo.

ECB argues that a swap, favored by Schaeuble, could be judged a default and make Greek bonds unacceptable as collateral, potentially leading to a collapse of the banking sector. Only stupid investors would squander their money in a country addicted to kleptocracy, socialism, charge stacking, Marilizardism, and Xenoyankism.

German Private Banking Association (BdB) Managing Director Michael Kemmer asserts that what Schaeuble has proposed is in principle not unreasonable, and German banks would gladly participate. Just a couple months ago BdB noted that German banks' involvement - planned only for after 2013 - was a last step and that that point had not been reached. But now Kemmer just states that the participation of private creditors should only be on a voluntary basis and a disorderly default for Greece must be avoided.

French banks have also agreed in principle to some form of rollover of Greek debt on condition that all creditors do the same. The death of many is not death! There is no way any prudent investor will throw a euro in the Cradle of Kleptocracy, which is infested with Marilizard Xenoyank, the October-18 Mafia, charge stacking, and the cancer of socialism. http://venitism.blogspot.com

Juncker aligned himself with Berlin, but said any solution must be agreed with the ECB. He declares that there will have to be a contribution from private creditors. There must be a voluntary, soft restructuring.

The new international bailout being put together for Greece is likely 120 billion euros. Greece will weather some of its immediate financing problems but it cannot
reduce the size of its debt Olympus. Restructuring for Greek bonds is
inevitable. The motivation for bankruptcy would be to limit the financial
exposure and to incentivise the Greek government to stick to the current
objective of generating a sizable primary surplus by 2014.

Getting the banks to contribute will help Europe's politicians hoodwink their electorates. German Chancellor Angela Merkel declares the debt crisis could threaten Germany's economic recovery if further action was not taken. But bankruptcy would be God's gift to the Cradle of Kleptocracy, because Greece needs a real shock and awe to recover from political corruption. And it looks like God will manifest his benevolence pretty soon!

A bankruptcy will also bring the much needed revolution to get rid of Graecokleptocrats. The sooner Graecokleptocracy defaults, the better it will be for all concerned. The bigger the haircut, the worse the pain that follows. The damage being inflicted on Greece is very masochistic. When defaults within the eurozone are accepted, a sensible analysis about how to fix the euro can begin.

Part of the hoodwinking is convincing the banks involved that it is in their interest to take on future Greek debt in aid of avoiding a full-scale default on existing loans. Atlas shrugged in Marilizardist Graecokleptocracy. It's impossible for Greeks to produce when Marilizardist Graecokleptocrats loot them with heavy taxes, especially the 23% VAT, demand kickbacks, confiscate computers and personal files, impose stupid laws and regulations, harass dissident bloggers, condone cybercop brutality, and spread the cancer of socialism. http://venitism.blogspot.com

Much of the money could come from Greek banks, who have been shut out of funding markets and are dependent on the ECB or other official sources of liquidity for their survival. The freakish October-18 Mafia is still siphoning in all the money with huge taxes and VAT, and Graecokleptocrats still throw Marilizard Spaghetti and build Marilizard Towers, which will only depress the economy further.

You can't just cut your way out of this crisis while continuing political corruption. At some point, the Greek economy needs to start growing again. But this cannot happen in a depressed kleptocracy and Marilizardism. Greece should bow to the inevitable, put some Graecokleptocrats in jail, announce a 40% haircut on its debt, drastically cut taxes, especially VAT, abolish Marilizardism, and impose a four-year suspension of interest payments on what remains outstanding.

TERMS
Cradle of Kleptocracy: Greece
Eldorado of Prostitutes: European Parliament
Fourth Reich: European Union
Grand Brothel on Syntagma Square: Parliament of Greece
Marilizard Gift: dissident blogger's head on plate
Marilizard Libel: accusing dissident bloggers of treason
Marilizard Spaghetti: throwing charges on innocent people, in case one sticks
Marilizard Tower: stack of imaginary charges to scare an innocent blogger
Marilizardism: terrorizing dissident bloggers
October 18: International Day Against Cybercop Brutality
October-18 Mafia: Government of Greece
Uncle Ken: United Kingdom
Uncle Sam: United States
Xenoyankism: stupid foreign policy

http://venitism.blogspot.com