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Banker bailout plan is set as Greek islands about to hit Ebay and fund another record Wall Street bonus season
Date 01/06/2011 15:13  Author webmaster  Hits 1633  Language Global
1 JUN 2011

By Tyler Durden | Zero Hedge

The description of the Greek bailout plan in the NYT has just one salient paragraph. Here it is:

"With great reluctance, European governments have come to the conclusion that an additional €60 billion now, while politically unappealing, would be less costly than the unquantifiable public funds that would be needed if a restructuring of Greece’s debt produced a Lehman Brothers-like contagion that spread not just to Portugal and Ireland but possibly Spain and the financial system as a whole."

Ah yes, with "great reluctance" European governments, bought and purchased by bankers, have decided to bail out their sources of capital.

As for the conclusion, the only thing that matters is how long before European taxpayers realize that once again they are the mark in this latest pathetic attempt to ignore reality, which incidentally for those who are clueless, is the following:

“Greece’s G.D.P. is already declining and now the government will need to cut another €7 billion in spending,” said Jason Manolopoulos, who manages a hedge fund based in Athens and Geneva and is the author of “Greece’s ‘Odious’ Debt: The Looting of the Hellenic Republic by the Euro, the Political Elite and the Investment Community.”

“That is only going to make the debt to G.D.P. figures worse,” he said. “There is no getting around it: Greece is insolvent.”

So while the bankster cartel is dead set on bleeding the last drop of hemoglobin from the petrifying Greek corpse, here, courtesy of the WSJ is what will soon be purchased by special purpose entities controlled by the same banks that are just now getting bailed out.

But before that, here are the details of the latest brilliant "Kick The Can Down The Road" plan:

Read entire article

See also:
Want to Buy a Piece of a Greek Island? (WSJ)