The one launched by the outgoing president of the ECB, Jean Claude Trichetin, during a hearing in the European Parliament sounds like a warning. In these crucial hours, in which the troika inspectors are completing the inspections of the Greek accounts on which the disbursement of the last tranche of aid to Athens will depend, Trichet warned the MEPs: "The crisis has now become systemic and has worsened in last 3 weeks”.
We must act “without further delay given that any delay could be fatal – continued the number one in Frankfurt -. The priorities are the recapitalization of the banks and a solution to the debt crisis”, these are the topics on the table of the European Council which has been postponed to 23 October. Trichet said he "hopes that postponing the meeting will help find a quick and shared solution to these crucial issues" and opened up the possibility of using the EFSF for the recapitalization of banks.
Jean-Claude Juncker, speaking on Austrian television, also warned about the possibility of a Greek default. When asked whether private investors risk 60% of their investment, the president of the Eurogroup succinctly replied "even more".
