Bend.

Editor,

Although private sector banks have agreed to a 50% haircut, the EU central bank and the IMF, in the deal struck without Greek citizens' consent, will be paid 100 cents on the euro.

Mr. Papandreou has asserted finally that the EU and the IMF do not hold all the cards after all. The IMF, in fact, with its "Washington Consensus" guaranteeing misery for millions by distributing wealth up the great economic chain of being into the pockets of the rich, has already been kicked out of Latin America and most of the rest of the world.

The EU's deal with Greece has to be renegotiated with the understanding that default is a real possibility and "someone else" -- not widows and orphans -- is going to be the one to bend.

Re: "Greece on the Brink" (11/3/2011)