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497
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| Quote: |
“Banking was conceived in iniquity and was born in sin. The bankers own the earth. Take it away from them, but leave them the power to create money,
and with the flick of the pen they will create enough deposits to buy it back again. However, take it away from them, and all the great fortunes like
mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of
bankers and pay the cost of your own slavery, let them continue to create money.” – Sir Josiah Stamp, Director of the Bank of England (appointed
1928).
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How Political Clout Made Banks Too Big to Fail
http://www.bloomberg.com/news/2012-05-29/how-political-clout...
Now that is an extremely worthwhile article to read! Lays things out clearly.
If you liked it, these are also interesting, but less on topic:
http://www.bloomberg.com/news/2012-05-31/u-s-can-rescue-its-...
http://www.bloomberg.com/news/2012-05-31/china-s-blog-censor...
http://www.bloomberg.com/news/2012-05-30/one-simple-rule-for...
I find it strange to read all this on a website whose owner was originally 30% Merrill Lynch, and remained 20% owned by said investment bank until
they were hurting for money bad enough to sell it back to Bloomberg for $4.43 billion in July 2008. Makes it tough to believe anybody these days.
From wikipedia
| Quote: | Sale to Bank of America
Significant losses were attributed to the drop in value of its large and unhedged mortgage portfolio in the form of Collateralized Debt Obligations.
Trading partners' loss of confidence in Merrill Lynch's solvency and ability to refinance short-term debt ultimately led to its sale.[44][45] During
the week of September 8, 2008, Lehman Brothers came under severe liquidity pressures, with its survival in question. If Lehman Brothers failed,
investors were afraid that the contagion could spread to the other surviving investment banks. [Lehman Brothers filed bankruptcy on September 15,
2008, after government officials could not find a merger partner for it.] On Sunday, September 14, 2008, Bank of America announced it was in talks to
purchase Merrill Lynch for $38.25 billion in stock.[46] The Wall Street Journal reported later that day that Merrill Lynch was sold to Bank of America
for 0.8595 shares of Bank of America common stock for each Merrill Lynch common share, or about US$50 billion or $29 per share.[47] This price
represented a 70.1% premium over the September 12 closing price or a 38% premium over Merrill's book value of $21 a share,[48] but that also meant a
discount of 61% from its September 2007 price.[49] Congressional testimony by Bank of America CEO Kenneth Lewis, as well as internal emails released
by the House Oversight Committee, indicate that Bank of America was threatened with the firings of the management and board of Bank of America as well
as damaging the relationship between the bank and federal regulators, if Bank of America did not go through with the acquisition of Merrill
Lynch.[50][51][52]
In March 2009 it was reported that in 2008, Merrill Lynch received billions of dollars from its insurance arrangements with AIG, including $6.8bn from
funds provided by the United States taxpayers to bail out AIG.[53][54]
-And then a two months later-
2008 bonus payments
Merrill Lynch arranged for payment of billions in bonuses in what appeared to be "special timing". These bonuses totaling $3.6 billion were one-third
of the money they received from the feds' TARP bailout.
The Merrill bonuses were determined by Merrill's Compensation Committee at its meeting of December 8, 2008, shortly after BOA shareholders approved
the merger but before financial results for the fourth quarter had been determined. This appeared to be a departure from normal company practice,
since the type of bonus Merrill awarded was a performance bonus that, according to company policy, was supposed to reflect all four quarters of
performance and was paid in January or later. In this case, however, the bonuses were awarded in December before fourth-quarter performance had been
determined.
They were also very large relative to the TARP monies allocated to Merrill. The Merrill bonuses were the equivalent of 36.2% of TARP monies Treasury
allocated to Merrill. Merrill employees had to have a salary of at least $300,000 and have attained the title of Vice President or higher to be
eligible |
And they're about to get away with it all over again!?
| Quote: | Litigation against Board of Governors of Federal Reserve System
November 7, 2008, Bloomberg L.P. News brought a lawsuit (Bloomberg L.P. v. Board of Governors of the Federal Reserve System) against the Board of
Governors of the Federal Reserve System to force the Board to reveal the identities of firms for which it has provided guarantees during the
Late-2000s financial crisis.[32] Bloomberg, L.P. won at the trial court and the Fed's appeals were rejected at both the United States Court of Appeals
for the Second Circuit and the U.S. Supreme Court. The data[33] was released March 31, 2011.[34] |
So who are they really working for?
@franklyn
Damn you're good! That destroyed any lingering doubt I had... So the issue now becomes, how to most efficiently convert currency to truly durable
stores of value? It would be easy to get caught up in making profit off of the wild gyrations to come, but without effective conversion, it would end
up a waste of time. Shipping container full of toilet paper anyone? 
Looks like a dump truck load of shit pouring in to a jet engine ...
Does anyone know of any good compilations of useful pdfs/ebooks that contain information useful in the post crash world? I know they're out there, and
I'd like to stock up while I still can. Post all your favorites!
[Edited on 2-6-2012 by 497]
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franklyn
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Are we having fun yet ?
http://www.businessweek.com/news/2012-06-01/spain-s-plea-for...
http://www.guardian.co.uk/business/2012/jun/03/spain-bankia-...
http://www.telegraph.co.uk/finance/financialcrisis/9307106/S...
http://www.forbes.com/sites/haydnshaughnessy/2012/06/03/does...
Multinational banks may be too big to fail , even small countries such as Greece ,
but Spain is the number 12 largest economy in the world , with debts of 3/4 billion
€uro , it's too big to save , so it's adios muchachos - game over , they've kicked
the bucket , the can has scored a touch down , as in the game of Monopoly do not
pass go and collect $ 200 , it's the end of the line for the gravy train , everybody
out and go sell pencils at the street corner , united we fall and divided we stand.
Problem with Europe is too many members reduced to begging.
Funny about Ireland , it's like a man running to get on a train
the front end of which is hurtling off a fallen bridge.
Look out below.
The interest rate that Great Britain has to pay on 10 year bonds
has now fallen to under 1.8 % , the lowest in more than 300 years.
Interest rates for 10 year United States bonds is the lowest since the
founding of the republic over 200 years ago.
Like a fence painting Tom Sawyer , money smart Swiss have everyone
paying them to be allowed to own their bonds.
http://www.pbs.org/marktwain/learnmore/writings_tom.html
start reading below the second picture.
.
[Edited on 3-6-2012 by franklyn]
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franklyn
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P.S.
Correction from what I wrote above - Spain's debt is 3 /4 Trillion
http://www.foxbusiness.com/news/2012/06/03/eu-sees-spain-deb...
To say nothing of Italy.
_______________________________________
It's official now , we're in a world wide depression.
http://uk.reuters.com/article/2012/06/04/markets-japan-stock...
http://www.cnbc.com/id/47668274
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DerAlte
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For those US readers not too familiar with the UK press, The Telegraph is the organ of conservatism (with a small’c’) in England. The Gurdian is
essentially a liberal paper.
Read the article that Franklyn posted above from The Telegraph. In my opinion (biased of course – whose is not?) this puts the facts as I see them
with no holds barred. Greece never mattered that much – Spain does. Had some sort of decisive action been taken re Greece last fall, some – but by no
means all – of the current crisis could have been averted.
To put the matter into perspective, FIGS account for 77% of Eurozone GDP, PIIGS about 35%. In other words, 35% of the Eurozone economies are in
trouble. If you remove Italy and Spain, it leaves PIG accounting for around 6%. Greece alone is 2.7%. Had some decisive action (I don’t know what it
could have been, of course, except it ought to have been based upon financial rather than political factors) been taken much earlier, instead of
can-kicking and procrastination, a 3% problem would probably have not escalated to a 35% problem.
The latest idea comes from Frau Merkel and company:
Europe mulls major step toward 'fiscal union' : Germany's Angela Merkel pressing for ambitious goals to rescue the euro zone from its financial crisis
(Reuters)
http://www.msnbc.msn.com/id/47673826/ns/business-world_busin...
But do you see the flaw? The EU is not the Eurozone. Any action by the European Parliament, such as it is, involves non Eurozone countries such as UK,
Sweden, Denmark. EU members that are non Euro are Bulgaria, the Czech Republic, Denmark, Hungary, Latvia, Lithuania, Poland, Romania, Sweden, and the
United Kingdom (Wiki).
Attempted strong action in the EU parliament might result in total breakup of the EU. The further surrender of national soveignty by member states is
unlikely.
See also
Why Today's Market Selloff Hasn't Been as Bad as Feared:
http://www.cnbc.com/id/47675082
Der Alte
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497
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If the "Big Reset" does occur as many expect, can anyone tell me what will happen to the world's 400+ nuclear plants?
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franklyn
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@ 497
" If the " Big Reset " does occur as many expect , can anyone tell me what will happen to the world's 400+ nuclear plants ?
"
No problem , we'll put . Rosco Bodine . in charge
A declaration of unanimity from the meeting of G7 countries
of their determination in resolving the economic crisis.
http://www.youtube.com/watch?v=6a8F28WVXlk
http://money.cnn.com/2012/06/05/news/economy/europe-debt-g7/...
We interrupt to bring you an update on the ongoing crisis
the pre-release of the statement to be issued by the G20
Eurozone members meeting for resolving the banking crisis.
http://www.youtube.com/watch?v=PL0ctaBcopw
http://seekingalpha.com/article/638291-europe-the-rats-are-a...
http://www.zerohedge.com/contributed/2012-06-05/another-bear...
________________________________________
http://money.cnn.com/2012/06/05/investing/spain-credit-banks...
I agree with this analysis that intervention is futile at this point
http://www.zerohedge.com/news/reign-spain-over
http://www.zerohedge.com/contributed/2012-06-05/ignore-rumor...
" This is an extremely dangerous environment: one in which
the primary prop for the markets ( central bank intervention )
is becoming both less effective and politically toxic. Indeed,
it’s clear at this point that the EU is beyond intervention since
neither the ECB, IMF, nor the ESM have the firepower to hold
things together."
If the financial market were a person , they would be in hospice
under intensive care with a do not resuscitate order.
So if everyone is aware and knows systemic failure is imminent
why all the meetings and pretense ? To coordinate policies that
will be enacted automatically to stem the ensuing chaos to come.
If you're on the deck of the Titanic you're probably thinking
oh how thoughtful of the Captain to scrape that iceberg so
the children can have some snow and ice to play with.
_____________________________________________
What to do ? Some good advice
http://seekingalpha.com/article/638221-what-treasuries-gold-...
.
[Edited on 5-6-2012 by franklyn]
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AndersHoveland
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I do not think "banking" is not inherently bad. Perhaps the government should just place limits on how big a mortgage can be. That would probably
result in a decrease in the cost of land, as potential buyers would not be able to borrow so much money to bid the price up.
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edgeofacliff
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You must also consider the amount of lead pumped into our atmosphere during the last 100 years. We only recently stopped using leaded gasoline, some
aircraft still use it. High levels of lead have brought down entire civilizations, and we have all been breathing the stuff. Is it possible that
this is contributing to the negative changes in our society? I dont care how rich you are, you still have to breath to survive. One must also
consider the fallout from nuclear testing and fears from same. Rich or poor, radioactive fallout is something nobody can escape. With this in mind
economic collapse seems trivial considering the end of mankind alltogether.
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497
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| Quote: | | Is it possible that this is contributing to the negative changes in our society? |
Maybe, but I'm guessing that simply a lack of various natural "selective pressures" on certain human populations has done more damage than any other
single factor. Responsibility stopped being such a valuable trait for reproduction... And now here we are.
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AndersHoveland
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Quote: Originally posted by 497  | | I'm guessing that simply a lack of various natural "selective pressures" on certain human populations has done more damage than any other single
factor. Responsibility stopped being such a valuable trait for reproduction. |
William Shockley, the man who also coincidentally invented the transistor, argued that the higher rate of reproduction among the less
intelligent was having a dysgenic effect, and that a drop in average intelligence would ultimately lead to a decline in civilization.
Shockley advocated that the scientific community should seriously investigate questions of heredity, intelligence, and demographic trends, and suggest
policy changes if he was proven right. He proposed that individuals with IQs below 100 be paid to undergo voluntary sterilization.
Most striking, William Shockley, later in his life, described his work into the genetic future of the human species as "the most important work of his
career"! This from a man that had already invented the transistor, and had been appointed Director of the Shockley Semiconductor Laboratory at Beckman
Instruments. Shockley Semiconductor and the companies formed by Shockley's former employees would go on to form the nucleus of what became Silicon
Valley, leading to the world-wide computer revolution.
For those who may not realise the great importance of his invention, you can read about the transistor here:
http://inventors.about.com/od/tstartinventions/a/transistor_...
[Edited on 5-6-2012 by AndersHoveland]
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497
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http://www.calgaryherald.com/health/could+treat+alcohol+addi...
Maybe it works for debt addiction too?
Funny how it took almost 50 years for people to start noticing obvious scientific evidence...
[Edited on 5-6-2012 by 497]
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AndersHoveland
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I would not be so quick to believe every study that comes out of Norway or Sweden.
Most of our academic researchers are deeply biased in "progressive" social ideology. These are the same people who refuse to believe there could be
any biological basis for the psychological differences between men and women. I am really not surprised that they would be trying to find therapeutic
uses for LSD and cannabis.
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edgeofacliff
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For those of you that plan to survive the coming economical collapse, by whatever means, suppose your sitting in your (bunker, cave, missle silo) and
you look out the (Window, peephole, periscope) and see five thousand people out there and they are all thirsty. Do you A; share what water you have
till its gone? or B; Try to keep it for your own survival? If your answer was B-congradulations, you are now one of the one percent! If your answer
was A, you are a normal person, lets hope you can make that choice if the time ever comes. I guess my point here is that many of you sound like you
want to be part of the one percent. My personal opinion is from a song by "Ten Years After" "Tax the rich, feed the poor, till there are no rich no
more" And from the Bible, "The meek shall inherit the earth"
"
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edgeofacliff
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One more thing, the five thousand thirsty people could easily dig you out of your hole, drink your water, and bar-b-que your ass. Kind of makes the
idea of surviving on your own a fantasy.
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hyfalcon
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As far as water is concerned, that's what the solar panels and well are for. As long as the sun shines the water will flow. Dig me out of my hole?
How bad I want to stay in there depends on how expensive that proposition becomes to both sides.
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franklyn
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The last train out
As I said here the U.S. treasury bond fund topped on Friday 1 May
http://www.sciencemadness.org/talk/viewthread.php?tid=17281&...
I had thought to take some profit then but decided to let it ride , missing
an opportunity to buy back at half price today. The fund has since given
back the $ 5 it made since Tuesday of last week. Calls are down now to
half of what they were on Friday , and so is the value of my holdings.
Conviction is not for the timid or easily distraught.
If you recall the yo yo volatility of last autumn , tomorrow may turn out
to be the start of a new rollercoaster for the remainder of the month.
http://www.forbes.com/sites/haydnshaughnessy/2012/06/06/24-h...
http://seekingalpha.com/article/638701-stocks-could-see-a-se...
• 7 June: Spain auction. Bonds.
and next week , what do we have for our players _
• 10 June: French legislative election (first round)
A risk is that the socialist party alone fails to secure an absolute majority
and has to depend on the support of the radical left, which could push to
try to transform what we take for campaign rhetoric into actual legislation.
• 12 June: Greece auction. Bills.
• 13 June: Italy auction. Bills.
• 14 June: Italy auction. Bonds
• 17 June: French legislative election (second round) See 10 June entry
• 17 June: Greek elections. << THIS IS THE FATEFUL ONE
• 18-19 June: G20 Leaders Summit. Gathering of the leaders of the world’s
twenty biggest economies. European Commission’s plan to resolve failed
European banks among the issues to be discussed (see the entry above).
( bunch of feckless twits , lots of muppets will buy their cover story I bet ,
if europe has not blown up by then. )
• 19 June: Spain auction. Bills.
• 19 June: Greece auction. Bills.
• 21 June: Spain auction. Bonds.
• 21-22 June: Eurogroup and ECOFIN finance ministers meetings.
• 26 June: Spain auction. Bills.
• 26 June: Italy auction. Bonds
• 27 June: Italy auction. Bills.
• 28 June: Italy auction. Bonds.
• 28-29 June: European Council meeting.
This is the meeting of the EU heads of state and government.
.
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DerAlte
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Gold backs off below $1600; Oil ~$85. Asia, European and US stock markets positive.
So it seems we have three ‘safe havens’ in Europe, in spite of recession and political changes:
BoE Keeps Policy Steady in Face of Unclear Outlook
http://www.cnbc.com/id/47718209
Why the UK Is Safe Haven Despite Poor Performance
http://www.cnbc.com/id/47533921
Why French Bond Yields Fell to a Record Low
http://www.cnbc.com/id/47718062
Meanwhile over in Asia, with India’s economy faltering (lower growth rate, Rupee sagging)
India's Economy: How Bad Is It?
http://www.cnbc.com/id/47711508
Here’s Why China’s Interest Rate Cut Is a Really Big Deal
http://www.cnbc.com/id/47719664
(China also reduced reserve requirements for banks).
And in the US: No Fed Easing Now, but Possible If Growth Slows: Bernanke
http://www.cnbc.com/id/47720735
One wonders how much torsion is left for Operation Twist. Bernanke did not stop the bulls for long, though. US bonds essentially flat today.
If you can digest the above and make some sense of it, you have the edge on me. My take is somewhat optimistic. But it might be just the calm before
the storm.
Finally, old loud-mouth:
Cramer: What Kind of Economy Is This?
http://www.cnbc.com/id/47705614
Der Alte
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AndersHoveland
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Other than increasing inflation, I do not believe central banks actually have any influence over the economy. While this seems to be a minority
opinion, there are several other influential economists that share my same position. It is just shifting money around, it can have no real net effect
on interest rates. Borrowed money has to come from somewhere. If the central bank attempts to raise or lower interest rates (without using inflation),
it will just have an equal and opposite effect somewhere else.
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dann2
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The Spanish bond sale went well but was it the Spanish banks that bought all the bonds?
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franklyn
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B O O M !
http://www.cnbc.com/id/47732668
http://www.foxbusiness.com/markets/2012/06/08/spain-to-reque...
Spain seeks to " re-capitalize " it's banks. Where is this capital of which is spoken ?
The last LTRO accepted everything there was for collateral including used toilet paper
( holy imprimatur Batman ). The amount of money being sought is comparable to
what Greece got after weeks of concerted effort in it's bail out last year , and this
is intended just for the banks. Greece meantime is already running on empty.
http://www.cnbc.com/id/47700847
This is like trying to raise the Titanic , instead of just refitting the S.S. United States
http://en.wikipedia.org/wiki/SS_United_States
What refitting ? Is a bailout unfair competition ?
Are banks to close their doors for a prolonged holiday ?
http://www.telegraph.co.uk/finance/financialcrisis/9319416/D...
[file]19084[/file] [file]19092[/file]
http://seekingalpha.com/article/646581-despite-wednesday-s-r...
With the worlds economy going down hill with determination , and summer time is
when Spain makes much needed revenues from tourists who won't be coming ,
things indeed can only worsen.
http://www.businessweek.com/ap/2012-06/D9V8B8Q03.htm
http://www.zerohedge.com/contributed/2012-06-08/7-million-mi...
http://seekingalpha.com/article/647981-the-strength-of-the-s...
Remember last year , I spoke to this in the second half of first paragraph here _
http://www.sciencemadness.org/talk/viewthread.php?tid=17281&...
Switzerland is a small country and cannot continue to prop up a declining Euro.
What this means is that even the seeming inviolable economies are at hazard.
What good is it if you are so well off no foreigner can afford to buy from you.
Switzerland ( gasp ) will need to devalue just like everyone else , or else it's
commerce will cease.
Exactly. I surmise that the Spanish fully expected that interested parties
would step in and prevent the yield from going critical. For a small 2 billion
issue it only requires a few tens of millions of purchase to keep yield down.
http://www.nytimes.com/2012/06/08/business/global/madrid-lea...
Count on the small investor to upset the plans of central banks
http://www.cnbc.com/id/47738555
http://seekingalpha.com/article/648091-who-will-be-the-last-...
We'll see what happens
Wed June 13 , U.S. treasury 10yr note auction
Thur June 14 , U.S. treasury 30yr bond auction
Get ready for the yo yo market volatility roller coaster of last autumn in
the coming month. Friday June 1 was up for treasuries ( historic low yields )
today Friday June 8 it's back down to it's previous all time high of last year.
Note that stocks have not made their previous high and have been heading
down to last years low. As Elton John would put it " I'm still standing ".
http://www.cnbc.com/id/47742094
.
[Edited on 9-6-2012 by franklyn]
 
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497
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Ron Paul's portfolio: http://www.economicpolicyjournal.com/2011/06/ron-pauls-stock...
Another country hacking gov't networks now = act of war: http://www.businessinsider.com/military-sources-china-could-...
Maybe we should be nicer to China?
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franklyn
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Iti's anybody's guess , flip a coin
http://seekingalpha.com/article/648521-coming-week-market-mo...
_______________________________________
Effect of Spain bank relief on bond markets was short lived. Italian 10 year bond
yield has gone up again , breaking through the 6 % threshold to 6.012 %.
Spanish yield is also up to 6.427 %.
_____________________
Creative finance from South Park " Poof it's gone "
http://www.youtube.com/watch?v=NmFo-LKHGY0
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[Edited on 11-6-2012 by franklyn]
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DerAlte
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Stocks Are Much Cheaper Than Bonds: BlackRock’s Fink http://www.cnbc.com/id/47733239
Greek Economy Shrinks 6.5% in First Quarter http://www.cnbc.com/id/47735183
'Greece Is Beyond Repair': Harvard Professor: http://www.cnbc.com/id/47722040
Excerpts:
“The best situation for Greece is to leave the euro zone, devalue a new currency, and be able therefore to grow again,” ….
“It was a mistake the way it was constructed in the beginning,” Feldstein said. “The real question is – what do they do with the individual countries.
The first thing to recognize is that the countries [in the euro zone] differ a lot … so there is no single fix for all of them.” …
“The big problem for Spain is not a banking problem in the long-run. It is the individual regions,” Feldstein said. “They have fiscal independence
that has allowed them to create large budget deficits, and that has to be controlled.”
All of which is a no-brainer and what I have been saying all along. So the focus is now on Spain, a far larger economy. The US market was not
impressed by the bailout, as details became scrutinized more closely. Here’s a view from a noted economist:
The 'Spailout' May Not Work: Stiglitz
http://www.cnbc.com/id/47760975
The Eurozone is taking on the appearance of an old tyre inner tube, much patched and leaking in new places daily. And until it is scrapped in its
current form and some brand new format found, this procrastination will continue to depress markets or at best leave them flat. The best performers in
my portfolio have been the staid telecoms VZ and old ma Bell. plus the UK's VOD. They have passed my expected target and I am reluctant to sell,
seeing that the dividends are still intact.
Der Alte
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franklyn
International Hazard
Posts: 2117
Registered: 30-5-2006
Location: Da Big Apple
Member Is Offline
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http://2.bp.blogspot.com/-GucesoYvKG8/T9dtEXn3AgI/AAAAAAAAGNE/FOtWGN5Rdy4/s1600/Greek%2BElection%2BDecision%2BTree.png
or alternatively
http://www.marketwatch.com/story/how-tiny-finland-could-brin...
http://www.guardian.co.uk/business/2012/jun/13/eurozone-cris...
Definition of Bailout : A Systemically Transmitted Default ( S.T.D.)
Definition of Bank : A four letter word
<iframe width="560" height="315" src="http://www.youtube.com/embed/TN_1mF-3JTI" frameborder="0" allowfullscreen></iframe>
Today Wednesday 13 • June : U.S. treasury 10yr bond auction - 1.62 %
The €uro continues to be bolstered by the Swiss , trading in the $ 1.25 -1.26 range
coming events may cause a pronounced drop
Thursday 14 • June : U.S. treasury 30yr bond auction
Friday • 15 June: Options expiration
Sunday • 17 June: Greek elections
Monday •18-19 June: G20 Leaders Summit. Gathering of the leaders of the world’s
twenty biggest economies. European Commission’s plan to resolve failed European
banks among the issues to be discussed.
Tuesday •19 June: Spain auction. Bills.
Tuesday •19 June: Greece auction. Bills. ( just for laughs )
Wedbesday •19-20 June : Fed Federal Open Market Committee ( FOMC ) meeting
Thursday •21-22 June: Eurogroup and ECOFIN finance ministers meetings.
.
[Edited on 13-6-2012 by franklyn]
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AndersHoveland
Hazard to Other Members, due to repeated speculation and posting of untested highly dangerous procedures!
Posts: 1722
Registered: 2-3-2011
Member Is Offline
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Like I said many times before, I do not see why Greece should have to leave the Euro zone. The only thing that needs to be done is ban the Greek
central bank from purchasing anymore Greek Treasury bonds, essentially stopping any more greek-issued euros from being backed with government debt.
Why do people not realise this? Perhaps the other countries are afraid forcing this action would shed bad light on their own questionable practices.
Or the Bank of Greece could be completely cut off from the ability to issue any more euro notes, but the country of Greece could still use the euro.
In other words, Greece can still use the euro as its only currency without technically being part of the euro zone. This may be the best option.
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