Wednesday, April 28, 2010

OECD Says Greek Contagion Has Already Happened: Need Lost and Lots of Money For Bailout

No laughing matter

OECD's Secretary Geberal Angel Gurria was on Bloomberg TV today sounding exasperated and with an alarming message.

He says that contagion has already happened. This is like Ebola. "When you realize you have it you have to cut your leg off in order to survive." The Greek crisis is "contaminating all the spreads and distorting all the risk-assessment measures. It’s threatening the stability of the financial system." It is threatening the stability of the financial system

He says Europe and the IMF need to put lots and lots of money on the table.

What is the money going to come from? He should hear Danielle Park's interview!

He also stated that if countries do not react fast enough, then unfortunately it wll be necessary to restructure.

Excuses us Mr. Gurria, it seems that that will happen anyway.

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