Because German banks lent recklessly to Greece they have now, in effect, appointed the Troika to run the country to recover their debt.
The banks have just agreed to an over 70% haircut on the debts they are owned. 70% in NPV terms, not nominal….er, 53% in nominal?
This is evidence that Greece is being held to ransom to pay back the private banks in what manner?
It\’s the debt to the official holders that is to be paid back at par. Not to the private holders.
It\’s Ritchie\’s Courageous State that Greece is being forced to pay back.