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Via Mish

"ECB Ostrich Maneuver; Euro-Zone Comedy Show: Junker Proposed "Re-Profiling" Greek Debt, Now He Wants "Soft Restructuring"; Targeting Short-Selling

No matter how you label it, Greece is going to default. Nonetheless, like an ostrich with its head in a hole, the ECB remains in firm denial of the obvious.

Call it by any name, but restructuring Greece’s sovereign debt remains a bridge too far for European Central Bank officials, who made a concerted effort Wednesday to undermine speculation such a move could be part of a solution for the euro-zone debt crisis."