Sixty percent – the haircut that lenders to Greece may have to take if Europe is to avoid bailing their economy out to the tune of half a trillion. Maybe the powers that be – the ‘troika’ of the IMF, the commission, and the ECB – are finally coming to terms with the idea that crushing all life out of a country with punitive austerity makes about as much sense as treating traumatic blood loss with leeches. If the eurozone economies are to be saved then the continent’s major banks are going to have to take some of the pain too.
For Greece only, you understand. The same logic doesn’t apply to us for some reason.
A patient at Our Lady of Lourdes Hospital in Drogheda, Louth, just spent five days on a trolley in the Accident and Emergency department. In better days that would have constituted a horror story in itself, but today it barely raises an eyebrow. Wait till you find out what he had. TB. Tuberculosis. There in public, with a constant flow of sick and injured people around him.
The devastation that TB wrought on this country, that’s still a living memory. It was one of the primary forces that led to the creation of what social health provision we had. Which is now in danger of being sacrificed to expediency – and banks. Banks that lent recklessly into our economy because they were out to make a profit, yet somehow must not be allowed to take a loss.
- Now Everyone’s Talking About A 60% Haircut On Greek Debt (businessinsider.com)
- Greek haircuts and Greek myths – the details (ftalphaville.ft.com)