Will the rescue of Greece just be another bank bailout?

EBRD Head Warns Against Banks Absorbing Costs Of Greek Rescue

This is in response to German objections to a plan that would require the loans to be junior to existing bondholders (via ZeroHedge).

Query:  Has the IMF ever given a developing country a loan that was junior to existing bondholders?

As in the ’30s it looks like the bailouts will continue — until economic forces make them impossible (e.g. CreditAnstalt).

Who really thinks that postponing crises solves them?

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