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Second, on general negotiation strategy for sovereign defaults, it's actually fairly simple.
Second, there is a simple negotiation strategy for sovereign defaults.
Repeal of the prohibition on direct ECB purchase of sovereign bonds, and a mandate to purchase sovereign bonds at a price no less than [the one corresponding to] the Frankfurt overnight rate plus some politically fixed acceptable yield curve (the precise shape of which is beyond the scope of this missive).
Off the top of my head:
Negotiate to have the ECB directly purchase sovereign bonds. Fight for these purchases be at the Frankfurt overnight rate.
(not quite there but a lot closer, IMHO.)
c) You cannot even save all the people you really want to save. Then you're screwed, if you'll pardon my French. You will be coming hat in hand to other countries.
Never, ever, give an opponent a chance to attack using your own words. If you keep this in it WILL be quoted and used against you! ..."Even JakeS admits blah, blah, blah"
Skepticism is the first step on the road to truth. -- Denis Diderot
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