Personally I see the whole debt crises as an ECB/IMF issue as they bought the loans from all the lenders to keep Greece from failing back when if Greece failed it would have taken down several EU banks.
You bought the loans.
Now the ECB wants to crush the Greek economy in an attempt to get some of its bad debt back, news flash ECB/IMF just like banks you will have to write the bad debt off and no amount of threats and bullying is going to change that , Greece does not have the money.
From what Ive read this is not such a big deal on the world scene if the Greek banks have not been using the money to trade in derivatives, and that is the but. If the Greeks have been heavily trading risky derivatives then the failure of Greece will hit the fan on the international level. Perhaps this is why the Greek thing has been blown out of proportion huh, the derivatives trading, you know the one that bought the world to its knees a few years back.
Who the hell knows if the Greek banks have been trading in risky derivatives, their not about to tell us?
