The Bombay High Court declared that issuance of Look Out Circulars (LOC) by public sector banks against default borrowers without a specific law violates fundamental rights. The court quashed the Centre s decision empowering banks to request LOCs, stating executive actions cannot infringe constitutional rights without legal basis.
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So instead, extend greece s repayment deadlines, a debt restructuring. but the european central bank calls that a horror scenario with the possibility of bank defaults and a vicious domino effect throughout europe. and that is the real worry. this isn t really about greece. it has a $350 billion economy about the same size as michigan s. it s 1% of the euro zone. but if greece defaults, it would be the first rich country in six decades to do so. and it could lead investors to free the other fringe euro zone economies portugal, ireland, even spain and perhaps even italy and that would be really problematic. so the reality is that germany and to a lesser extent france and the netherlands will end up spending more and more money bailing out their less prudent neighbors. countries like poland that once clamored for euro membership will keep their distance. and the brits will say, i told you so. in fact, they already are.
Want to keep bailing out their poorer cousins. so instead, extend greece s repayment deadlines, a debt restructuring. but the european central bank calls that a horror scenario with the possibility of bank defaults and a vicious domino effect throughout europe. and that is the real worry. this isn t really about greece. it has a $350 billion economy about the same size as michigan s. it s 1% of the euro zone. but if greece defaults, it would be the first rich country in six decades to do so. and it could lead investors to free the other fringe euro zone economies, portugal, ireland, even spal ain and perhaps even italy, and that would be really problematic. so the reality is that germany and to a lesser extent france and the netherlands will end up spending more and more money bailing out their less prudent neighbors. countries like poland that once clamored for euro membership will keep their distance. and the brits will say, i told you so.