Debt = Power

TEST POST  |  SEPT. 10, 2012

“If you owe the bank $100 that’s your problem. If you owe the bank $100 million, that’s the bank’s problem.” – J. Paul Getty

From FT Alphaville quoting Der Spiegel “If Greece falls, Germany will have to pay — and the bill will come to almost exactly €62 billion ($79 billion). This is the colossal sum that the Greeks and their central bank owe the Germans. The entire amount would all have to be written off.”

And so the Germans cling to their debtor and push for bad accounting to keep the can kicking down the road…

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