[qqqbear]

Europe to save banks and let Greece slide
Floyd Norris
February 11, 2012

Perhaps Europe, in its stumbling and sometimes unorganised fashion, will have accomplished a large part of what it set out to do. It will have put a fence around the Greek tragedy and preserved most, if not all, of the euro zone. As for rescuing Greece, well, you can't win them all.

The current European attitude was best captured by a document circulated as part of the now-abandoned German proposal to force Greece to accept a ''budget commissar'' to supervise its spending.

''Greece has to legally commit itself to giving absolute priority to future debt service,'' stated the document, said to have been circulated by German officials.

''State revenues are to be used first and foremost for debt service.''

Whatever money was left over could be used for other purposes, such as paying police salaries or buying hospital supplies.


Read more: http://www.smh.com.a...l#ixzz1lzIOphpH

[qqqbear]

The whole NYTimes piece-

http://www.nytimes.c...agewanted=print

Including perhaps using gunboats to collect?