Economic Rape of Europe Nearly Complete, Part III

The problem with trying to fashion a "yoke of slavery" purely through piling one massive debt atop another is obvious: at some point the "mountain" becomes too large, default occurs -- and the debts are swept "clean" (ending the slavery). In this respect loss guarantees/guaranteed losses are a far superior means to engage in long-term blood-sucking as they are literally "blank cheques".

...

At this point many readers may conclude that the banker Oligarchs and bond parasites have already devised "the perfect rape" of Europe. However, as was demonstrated by the example of Iceland, these nations still retain enough sovereignty so that they can choose to sever these chains of economic slavery. In particular, the still relatively-wealthy economies of Northern Europe can detach themselves from the "loss guarantees" for Southern Europe which are intended to suck them dry.