The pompous jacka*s duo Trichet and Sarkozy keep telling everyone who care to listen that there will be no haircut in Greek bailout. Everything will be voluntary and a Greek default is out of the question. They passionately defend everything that is European and throw hissy fit if anyone dares to say the inevitable.
One starts to wonder is it pure stupidity that these men cannot see the obvious? Or is there something else.
For an answer, let us look at the following chart.
Now we know!
The fact is, Trichet is a Frenchman and along with Sarkozy, all he wants, is to keep the French banks out of the harm’s way, as long as possible. They know that they are just buying time and in the mean time, take money out of Germans and other still solvent European countries. They are doing the bidding of their masters after all.
Good to have such lap dogs!