You're correct Ophir, it is fascism.In Europe, the reason they...

You're correct Ophir, it is fascism.

In Europe, the reason they are kicking the can, is that they need time for Franco Germanic banks to offload their bad PIIG debt.

They are using their higher credit ratings to collateralise debt(cdo)bad debt mixed with good... a lesson learnt from the USA with sub prime and selling it to muppets in the USA and Australia. This takes time, once they are happy and off the hook to a degree they can then let things fall. Many hands.

The Italians just lent Spain $20 billion at 3%, but had to borrow this at ~7% as part of the 100 billion bail out. Ponzie scheme?

"In political discourse, the phrase "privatizing profits and socializing losses" refers to any instance of speculators benefitting (privately) from profits, but not taking losses, by pushing the losses onto society at large, particularly via the government.

The notion that banks privatize profits and socialize losses dates at least to the 19th century"

Wikipedia.