Doesn't compute to suggest the ECB / Eurozone would take on such a great risk of cracking what little remains of the "foundation of confidence" that supports the global financial system, all for a smidgeon of physical. A quote from Eric DeGroot this evening:

"Will the solution be another bailout or bail-in? A bailout requires a shared burden through participation from the stronger northern European economies. EU members with stronger balance sheets and economies have grown weary of selling this option to the voting public; the IMF leaded and Trioka supported attempt at a Cyprus bail-in (rather than bailout) reflected this reality. "Taxation" of deposits and/or nationalization of state pensions* attempts to preserve the EU without consequences of sharing. Unfortunately, this option circumvents the rule of law and clearly disrupts social order. It’s a classic lose/lose predicament for the EU."

Sorry but I just don't buy the notion behind the proposed levy (versus standard ecb bailout) is due to weariness on the part of stronger EU-funding partners either. So what gives? What's behing this poorly contrived - dare I say purposely contrived - bumbling and stumbling courtesy Lagarde & co? Something else is brewing - a recent alternate development that must be managed at all costs - that clearly presents a greater threat to humanity that is worth risking upsetting the financial apple cart. What that is, is anyone's guess but as they say ignorance is bliss & we'll sleep more soundly not knowing. Nothing further to say on this point except some questions are not worth asking.