Bond buy-back,

by George Delastic  - Ethnos Newspaper)

Judging from the views of the Finance Minister, Ev. Venizelos, the goverment seems to have completely surendered its ground on the issue of offering collateral for a new EU loan. But this is a loan that most probably the greek state will never repay, giving our creditors the legal right to confiscate the greek land offered as "collateral". Whether they will procceed with the actual confiscation or not will only depend on the political climate of that time. (...)
Another idea put forward by Germany, obviously at the behest of the country΄s financial system, is for the EFSM, that is, for the european states, to provide funds to buy back Greek bonds on the secondary market at 50% discount. This is an excellent scenario for the banks, who will get rid of as many greek bonds as desirable, in market prices, while eurozone states and Greek taxpayers bear the costs.
(...)Also, by dismissing every proposal on the greek debt as "default", the rating agencies are trying to blackmail the states so that they bear all the costs. They are blackmailing Germany and the US, because four american banks and DeutscheBank control 70% of the global CDS market. The losses will be colossal if the solution to the greek debt problems forces these five banks to make whole the owners of the CDS. The effort now underway is not just about protecting the money lent to Greece, a legitimate concern, but also, outreageously, the money gambled with.