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Munchausen method for the Greeks?

yourself to pull your own bootstraps, that is far as I know, only managed Munchausen. Now is the view of some of the lies Baron EU grandees provide the template to liberate Greece and Co. without any help from the debt quagmire.


The idea sounds enchanting: we, the EU states on loan to you, dear Greece, from our rescue many billions of euros on favorable terms - but not for verfrühstücken, but in order to buy back part of your debt. Then have You and your little one stroke further reduced to schulternde debt burden. And when word spreads that you want to buy your own bonds cheap, speculators and investors to get in Greek bonds, in the hope of capital gains by your huge demand. This drives the prices up and demand so that the interest rates down, the investor for your bonds. And you have a) less debt and b) a lower interest burden on future bond issues.

Munchausen The principle is so tempting, because Greece-cost loans to medium and long maturity date on the stock markets generally only between 60 and 70 percent of their nominal value. When the Hellenes (or instead of redeem EU rescue) ie a nominal volume of bonds 100 billion Euros, they pay only 65 billion euros. The remaining 35 billion in debt to disappear forever. The Greeks can therefore reduce their debt ratio significantly, which would also help the euro, and investors as a whole have to give up 35 billion. But that would not be a problem for institutional investors because they have impaired the Hellenes-long bonds to no more than the current rate.

The Munchausen method should look out for a win-win situation. Therefore, the EU Commission will be, and of course the French and other southerners. And instead of To buy the stock, you could just run and voluntary exchange offers, as has been practiced previously in South American bonds already. But stupid as to lock the largest lender to the EU rescue - Germany - still. But perhaps the other euro countries Merkel soften at the March summit - and nod in return from its proposal to EU economic government and liberate even the ECB from buying further in the future government bonds of countries in crisis to have.