ΤΜΜ: We smell smoke

...the Eurocrats have moved into the depression stage of grief over the loss of their investments, both financial and political, in their Euro project and it will not take long to move from the depression stage of grief to the "acceptance" stage. We - like many now - feel that a new Greek package that includes an agreement on private participation is coming soon as it will be easier, politically (not just domestically, but also in terms of "The European Project"), for France and Germany to justify bailing out their own banks directly (blaming Greece) rather than justify bailing out Greece directly again for another year.

ΤΜΜ
(h/t:VasilisG)

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Really nice piece MM