If you can't convince them, confuse them

Fra en skinger klumme af FTs Wolfgang Münchau om eurobankernes Grækenlands redningspakke:

If this was any other field of human activity, you would go to jail if you accepted, let alone made such an indecent offer. (...)

The rollover agreement represents, from an economic point of view, nothing but a collateralised bond. It subordinates all other bondholders. The rating agencies would normally not hesitate to attach a default rating to Greek government debt.

So the solution is to create a complex structure, and claim that it is technically not a collateralised bond, but something that defies definition.

Jeg håber dog på, at bankerne denne gang får styr på deres kernekapitalrate og gearingsrisici efter at have fået denne sum penge, så man i fremtiden ikke skal ty til den slags markedsforvridende tiltag.

LOL