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Originally Posted by Damien
The banks are effectively writing off some of it. It's meant to be a kind of default that isn't really a default - some money will never come back. I find the whole issue quite difficult as I haven't followed it closely and there is a seemingly endless depth of history to the issue.
Again, My understanding is they consider this path to be the lesser of two evils. They would rather save Greece than let them fall and trigger a full blown crisis across Europe. If Greece exposed the Italian and Spanish banks, which are already on the verge, then there are more countries (such as us!) which are exposed to them and so on.
At the same time they seem to be giving themselves an awful lot of power other the currency and each other's economies.
One commentator said they had a choice to grow apart or enter a more closer union. They took the 2nd option.
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IMHO trying to save Greece is exactly what could bring the whole lot down and it doesn't surprise me one jot that those whose singleminded obssession has got us to where we are, still refuse to accept reality. So far as I can see, wasting vast sums trying to bail out a country which should never have been allowed into the Eurozone sets a dangerous precedent and only means there's less available to deal with the problems of the bigger economies which really could be the tipping point.
As intriguing as the NOTW scandal is, I really can't understand why it's occupying so much political and media time when we're on the verge of an almighty financial crash which will have very grave consequences for us all.