Calling Bankers’ Bluff, Merkel Won Europe a Debt Plan.

[elleng]

'In the end, it was Chancellor Angela Merkel of Germany and President Nicolas Sarkozy of France against the European banking establishment — and the bankers blinked. . .

The banks, which had already agreed to a 21 percent write-down, had dug in their heels.

They knew how badly the European leaders needed a deal, and how much financial experts feared a disorderly, involuntary default. That could set off a “credit event,” throwing world financial markets into turmoil, much as the collapse of Lehman Brothers did in the fall of 2008.

But Mrs. Merkel called the bankers’ bluff, said officials present at the discussions. Accept the 50 percent write-down, she told the bankers, or bear the consequences of default. In effect, she was willing to risk a credit event, and to place the blame for any fallout on them.'

http://www.nytimes.com/2011/10/28/world/europe/europe-in-accord-on-basics-of-plan-to-save-the-euro.html?_r=1&hp

[dipsydoodle]

1. She should've gone for more than 50%

that would've triggered the CDS's and made everything fold.

[closeupready]

2. Wow. I think I like her. I really do.

K&R

[Demeter]

3. I'm not convinced

Bankers blinking, unlikely. A deal? More like an enslavement.

Bankers don't blink. They are like pirates--they don't do deals. They'll take Angela down, and demand the other 50%, within a year.

Angela just blew her chance to take down the bankster pirates and sold the Greeks into penury forever.