Storm Warning

Storm Warning - By Andrew Stuttaford - The Corner - National Review Online
"The Swiss stopped accepting Greek bonds for repo on April 26 last year.
The changes were spotted last night by Irish researcher Lorcan Roche Kelly.
The change in relation to Irish government bonds had been made in December 2010 after ratings agencies cut Ireland’s rating to below ‘A’ status.
Very wise.
Best guess is that it’s only a matter of time before Ireland (and Greece) default, er, “restructure” their debt.
The trick will be to do this without creating a fresh crisis within a European banking system heavily exposed to those countries and, for that matter, to other heavily indebted countries now beginning to pay a real price for Brussels’ funny money"