The ECB itself knowingly took in bonds they knew were not going to be able to be paid in full, and now having done so is demanding that everyone except them cover the cost of restructuring Greece’s problems.
So what? Greece has the upper hand here. In fact, they have the ECB and the Germans by the balls, and it’s time to apply a nice, firm squeeze.
It’s time to call the bankster’s bluff. Iceland did, amidst scarely disguised threats from bankers that defaulting would mean Iceland would never get loans again and crater their economy. Instead, Iceland is recovering nicely, far better than Greece, Ireland, Spain, or Portugal.
The ECB is effecivtively insolvent. They took garbage bonds as collateral and now want to extort full payment. Screw them and the slimebag bankers they run interference for. The debtor countries of the Eurozone should default on the bonds and let the insolvent banks fail. Then jail the banksters.