That\’s the message here about the Spanish banks.
Yes of course senior bondholders in Spanish banks should take a hit. But they won\’t because the Irish government was stupid enough to guarantee senior bondholders.
Therefore we must do in Spain what was done in Ireland.
Absolute fucking morons.
Years ago, I decided that for the EU, every plan must be a Schlieffen plan.
Or a Fall Gelb und Blau, perhaps?