"Lesson 4 (Biggest Lesson of Them All): Prolonging an unavoidable debt re-structure makes the problem far, far
worse, especially when a bailout is given in order to shift bad assets from the
banks’ books to the taxpayers on condition of austerity that causes both the
private and the public sectors to shrink. Introducing a PSI after this sinister error is implemented, while
exempting the official sector that implemented it (including the ECB’s SMP bond
purchases), is to add insult to injury. And to make a much larger OSI more
pressing and more painful for future governments around Europe."
