The bankers' best friends, the credit rating agencies, have repsonded to the fightback by workers by downgrading Greek government bonds to 'junk'. In other words they do not expect the Greek government to able to pay their debts to the buyers.
The Guardian reports last night http://www.guardian.co.uk/business/2010/apr/27/greece-credit-rating-downgraded that the head of the Greek central bank George Provopoulos tried to persuade bankers that he was on their side by saying spending cuts to achieve "ambitious fiscal targets" was the best option he could take, that translates to a further declaration of war on Greek workers of course.
But bankers and bond traders fear the government will be unable to deliver amid opposition from trade unions who have already taken to the streets. Once again the insanity of a debt based money system reveals itself, the solution lies in governments taking back control and issuing their own debt free money to pay off the debt instead of making their citizens pay through mass unemployment and the collapse of public services.
The Guardian goes on to report the possible spread of the crisis to other EU states they reported..."Europe's poorest nation, Portugal, became the latest country to be dragged into the crisis as S&P downgraded its credit rating to A-, reflecting its view of "the amplified risks Portugal faces". Portugal has been widely considered the most likely to suffer if Greece's debt crisis spreads. Its credit default swaps show investors rank its debt as the world's eighth riskiest, worse than Lebanon and Guatemala".
The fall out from the bankers meltdown continues apace and its impact looks to continue for years ahead or until we wake up to the absurdity of the banking sectors domination over all of us.
