Well I’d like to write. “With ESFS III” we are now on our way to correct things.
Unfortunatly one can not write anything about that. It’s not that we started making less debt, au contraire. It is tried again to fix something caused by debts to cure with more debts
The voluntary “cut” of the banks of around 50% is absolutly open. I very depends what positions the banks take. If they think they can gain more by a open default of Greece, then they will follow that path. Anyway the problem is every bank will have to decide for themselves.
Because of the CDS we don’t know how bad it would hit the banks. Maybe they are on the side of getting th assurances. Than the problem will be of their counterparts. I just know if anything would come from any government I would be very skeptical about any advantages supposed to hold for me.
Just remember last year the governments actively asked the banks to “invest” in Greek bonds. Well if you’ve done that you’d have to bear quite a loss now. There won’t be any advantage.
And see that the bonds of states were treated as if they do not have any risk. And so they are treates nearly as equity. Not it turns out they are everything but risk free. And now the states require higher equity to back up their bonds. So you can see, the states do everything they can to get more under their control.
If you give into the sirene songs, you are in deep trouble. So I just can recommend the same as for ages. Do not hold any bonds of states or you will be sorry sooner than later.