I listened to radio 5 live this morning as well :winkold:
(you beat me to the post )
I didn't listen to 5 Live, just read lots of stuff from lots of sources.
surely what actually happened was
To Bankers - Guys, take a 50% cut or lose it all as Greece will default
Bankers - No they won't
To Bankers - Yep, we'll let them default and smile when you get sod all
Bankers - so 50% or sod all, Hmmmm difficult one that, Ok we'll take the 50 % after all as we've effectively written this down by almost that much in our books anyway and it's good PR and god knows we could use some good PR and we'll get it back stitching you up over Italy, Ireland, Spain and Portugal (and possibly France unless they get their act together)
joking aside, I was a strong advocate of the Euro but having seen how some members have treated it I'm exceptionally glad we didn't join and admit I was wrong.
The PIIGS issue hasn't gone away the others are still waiting on the sidelines and if you were any of these other governments wouldn't you be looking at the 50% and thinking "we could do that as well"
Short term elastoplast at nest