EUROZONE: Clash Of The Titans...Redux! Trichet Vs Schaeuble.

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“We have to insist on the participation of the private sector,” insists German FM Wolfgang Schaeuble (below).
But, the Big 3 credit-rating firms claim his proposal to extend Greek debt maturities by 7 years...would be a default.

Meanwhile, ECB President Trichet (above) said his bank will not roll over its own Greek holdings.

If the ECB resists, EU politicians would have to ask taxpayers to finance a Greek budget shortfall of up to 90 billion euros/$130 billion usd through 2014.

Trichet warns that forcing private-sector involvement amounts to a “credit event” and would be an “enormous mistake.” “Trichet is really digging his heels in now,” said one observer.

FOR ECONOMICS WONKS, SEE ALSO:  Default Jargon...Explained by WSJ's Charles Forelle.
   What the technical jargon used to describe the Greek debt crisis really means... eg. "credit event","selective default", etc.
 "... the nub of jargon is essential to understanding the impasse between the ECB and a German-led bloc that wants Greece's private creditors to bear some of the burden in the fresh rescue of the flagging country that's expected this month."
http://online.wsj.com/article/SB10001424052702304778304576375620604066778.html