The Greek mess

As in Iceland and dozens of other nations, the question is, how will the banksters get the public to cover it's bad bets?  Of course, there is a huge advantage to putting the public on the hook for their bad behavior because then the banksters would have state power and the taxing authorities to collect on their mad bets.  Note the "serious" arguments (Credibility Of Europe Itself--puh-leeze) the banksters make for why otherwise sane people should bail them out.  Makes you want to cry for the bastards, it does.

Morgan Stanley: Greece Is A Trojan Horse That Threatens The Euro And The Credibility Of Europe Itself

Joe Weisenthal | Jan. 21, 2010

Morgan Stanley (MS) is out with a very sober analysis of what the Greek situation means.

The report, put together by analyst Emma Lawson, describes Greece as a "Trojan Horse" that threatens not just the euro, but the credibility of the ECB itself if the central bank finds itself unable to punish fiscal miscreants.

The risks to the EUR from the events in Greece arise from a number of different factors. In summary, however, it boils down to credibility: The credibility of the Greek government in meeting their targets, the credibility of the EU institutions to deal with non-compliant states and the credibility of the EUR itself. more