Courtesy of Tyler Durden
European Union Economic and Monetary Affairs Commissioner Joaquin Almunia speaks to Bloomberg, and says "Greece will not default. In the euro area, default does not exist. There is no bailout problems." Too bad crooked budgets and associated deficits can not be funded with hopes, dreams and bureaucratic pragmatism.
Almunia snaps and asks the reporter not to create rumors about bailouts. Too late – at this point the rumor is that Greece will not be in need of saving, presumably as soon as next week. "We have no Plan B – Plan A is on the the table, it is fiscal adjustment." Yeah, cause that worked so well the last few years Greece was feeding the EU budgets that only now are becoming obvious were complete shams. Almunia also points out the recent bond issue – too bad those who bought these are already looking at a substantial capital loss in less than a few days.
