Tue 17 May 2011
Greek does NOT need debt-restructuring …sort of
Luxembourg Prime Minister Jean-Claude Juncker tries to spin the looming Greek debt problems as “debt re-profiling” instead of a debt re-structuring.
It is right out of the Orwellian double speak handbook.
What is Doublespeak?
Doublespeak is language that deliberately disguises, distorts, or reverses the meaning of words. Doublespeak may take the form of euphemisms (e.g., “downsizing” for layoffs), making the truth less unpleasant, without denying its nature. It may also be deployed as intentional ambiguity, or reversal of meaning (for example, naming a state of war “peace”). In such cases, doublespeak disguises the nature of the truth, producing a communication bypass.
Easing into the hot bathwater
“Previously, European governments had ruled out writedowns on privately held bonds before a permanent rescue fund is set up in mid-2013, and then only as a last-ditch option for countries deemed insolvent. A “large restructuring” remains taboo, Juncker said.”
Well, governments are getting more Orwellian and everything has to be spun before it can be told to the people. War is not war. It is “kinetic military action”.
Debt default is not longer debt default. The pain has to be avoided through bailouts and money printing. And lets not have debt-restructuring that is too much pain. Let’s have debt re-profiling.