I understand your opinion Martinghoul but it is simply just wrong. You wrote, "It normalizes interest rates to their long-term structural and fundamentally justified levels." Do you understand that is complete bullshit...as if you could know what that was? I suppose you could point at it afterward and say, oh yea, that was the "normalized longterm structural fundamentaly justified level"...you know it when you see it...but look quick before it changes!. The sovereign CDS was a tool of risk management that was applied to insure against undue risk of default for investment in Sovereign debt. The fraud of saying that a 50% haircut, ("I'll make you a deal you can't rufuse"), was voluntary and so, not a credit even...has destroyed the use of CDS to insure a range of default...the immediate response of private soverieng debt investors was to withdraw from the market...that makes interest rates go up as the risk of owning the debt cannot be managed with CDS. An increase in interest rates is the same thing as an increase in risk.
So, he is gone. He will either go to jail or leave the country for London probably right... Where all former dictators go...
Yeah, but he'll be taking his harem of bimbos along with him. Don't feel sorry for him. I'm sure he has quite a "war chest".
the italian B boy. once you have " money for nothin' and the chicks 4 free......." the only thing left is power. off to the greek isles with the lad and his entourage. s
He's got quite the life for the next several years....and just think about those daily BJ's he will be getting over that time period. Am I envious ? YOU BET ! Is Berlusconi smarter than me ? NO CHANCE ! What does that say ? He's in the 1%.