“We need to strengthen the norms and the rules for each country to be full members of the euro rather than making easy ways out which would not work in any case,” Bini Smaghi said today.
He put some of the blame for the restructuring discussion on large investors who have bought insurance against a sovereign default and “stand to benefit greatly from the default and lobby in favor of it.”
“They tend to encourage naive governments to believe that debt restructuring can be done in an ‘orderly way,’ distracting them from implementing the appropriate policy adjustment,” he said. “If the euro area were to go down the path of leaving it entirely up to the markets to decide which countries are solvent and which are not, it would put the euro at a disadvantage compared with all other major currencies.”
Bini Laden's earlier statements:
ECB Executive Board member Lorenzo Bini Smaghi yesterday: "Irish people also elected the governments that regulated the banks as the problems built, Mr Smaghi pointed out.
"If taxpayers have the right to share in decision-making, they must also accept the consequences," Mr Smaghi said.
I am Lorenzo Bini Laden Smaghi and I am a Financial Terrorist
bin Laden in 1997: "As for what you asked regarding the American people, they are not exonerated from responsibility, because they chose this government and voted for it..."
Not much difference between the Financial terrorists Bini Smaghi, Bernake, Geithner, et al and other terrorists. Other than the fact they wear suits and not robes.