Friday, August 21, 2015
There is no doubt whatsoever that had regulators not allowed to leverage their equity over 60 times to 1 when lending to Greece, Greece not matter what accounting shenanigans it could come up with, would not have been able to borrow as much as it did.
And now, as a consequence, we read about Greece having to hand over 16 of its airports to those who in order for the creditors to be paid, have paid for the right of charging a toll on much of the future tourism to Greece.
And yet not even the slightest hint of the Basel Committee telling Greece, and its creditors, they're sorry. What a sad bunch of technocrats.