Suddenly, it turns out that bondholders can be burned after all. Speculators in banking stocks can actually be forced to take responsibility for their gambling debts, but only if they bet in the Greek bookie-shop.
On the other hand, if they laid their bets in Ireland, they can’t lose. In the coming week, we Irish will be handing out €700 million to unsecured gamblers, a measure that wasn’t even required by the agreement with the EU, IMF and ECB troika.
That’s €700 million that will have to be cut in the forthcoming budget.
How do you feel about that?