Financial Post
June 8, 2011
Finally, someone at the European Central Bank has hinted that a baseball bat may be what's needed to fix the never ending Greek debt mess.
The hint was couched in polite Euro-speak, mentioning a "second stage of bailouts," where the Eurozone would take some control over a country's [read Greek's] economic policies if it could not do so itself. Hours later, the Bank's economist was more blunt and stated that if Athens doesn't take the necessary measures then other parties would "interfere."
Translated into plain and simple English, it looks like the Euros are finally realizing what has to happen. Greece needs to undergo a severe "workout," which is banking jargon for lenders commandeering a profligate's management. Put another way, on the streets of Calabria or New York City, it is time to bring in the "muscle" because the loan "sharks" want their "juice."
More genteel lingo and methods have been applied to no avail. This is because Greece is not a country, it's a party.
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