Party members of Fianna Gael (in effect our government in waiting) have indicated that they have had some assurance that the terms of the bailout can be re-negotiated. Again this seems odd unless you consider that this was the plan all along, Fianna Gael in government will be made to look like they've taken a very hard line against the ECB if they manage to negotiate any change of terms in the bailout which will perhaps go someway to placating the proles as you suggest, but in reality will still be very generous with regard the bond holders, and change very little. Meanwhile all talk and suggestion of dismantling the current financial system will be swept under the carpet.

I'm with Auric Goldfinger on this one, "no Mr. Bond I want you to die!"

My initial reaction when I read your observation that the European commission is going to try and make bond holders pay was also "seems unlikely", but I thought that this could be a ploy to scare future buyers of Portugal et al.'s debt and hasten these countries into accepting the bailout money?

Anyway, it does seem like an odd proposal, particularly from an unelected, unaccountable organisation that should contain the most ripe pickings for corruption…

That would be interesting but it would take a lot of laws being broken, given as how the eurozone countries have given over the ability to create money to the European Central Bank. It would be fun to see someone try!

My thoughts, and all our thoughts out here, are with you David.

Davefromfrance/frog2(CiF)

my geuss italy will force the issue they (the PIIGS)can't let the bond markets continue to push them around

You're definitely on to something, but "bond holders" don't meet with "the commission" to "make a deal". They communicate via the financial press. The financial community airs more and more desperate pleadings as to the "necessity" of states and the EU intervening in favor of bond markets, the EU/ECB, always ready to serve their masters, must move cautiously and "massage" their electorate with subterfuge to get away with it: I see it more as a game of PR (or incompetence, as has been suggested) than outright conspiration. The political theatre looks the same in any case.

Thank you for posting again! I know it must have been a tough time for you to have been silenced so long. All the best for you and your family!!

Debt for equity could work. But as you say…

Incompetence is always a good answer. And probably closer to the truth than my thoughts.

Admittedly, there's nothing the EU can't completely mess up, but hey.