Saturday 10 December 2016

Euro wars

Published 21/11/2011 | 05:00

•I'm one of those of the persuasion that there's a logical explanation for almost everything, but when it comes to this bank bailout issue, I think even Stephen Hawking would be bamboozled. Riddle me this please, anyone:

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To enable our Central Bank continue to borrow €100bn from the ECB, we agree to assume, in full, over €70bn in bank bond debt, a sum that itself will exceed €100bn before it's finally paid off. That makes some kind of economic sense?

Also €55bn in bank bonds due over the next four years, from banks which we own almost in their entirety (four fully, two majority sharehol-der) -- where will that money come from, if not from us?

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