Welcome to the new version of European Tribune. It's just a new layout, so everything should work as before - please report bugs here.
Display:
I actually think it is. Sovereign default doesn't imply an exit from the Euro, and if the money markets close down to Greece as a result and the European System of Central Banks temporarily stops clearing payments with the Greek Central Bank they pretty much force you to issue scrip to keep functioning, institute capital controls, or other emergency measures suspending parts of the EU rules. You can always pay any fines imposed by the European Court of Justice a decade later, when the economy has recovered.

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman
by Migeru (migeru at eurotrib dot com) on Fri Feb 4th, 2011 at 06:39:00 PM EST
[ Parent ]

Others have rated this comment as follows:

Display:

Top Diaries

In which I defend Wolfgang Schäuble

by rz - Jul 15
24 comments

I'm done with the EU

by tyronen - Jul 13
228 comments

The Greece Blame Game

by Frank Schnittger - Jul 20
30 comments

The democractic insolvency

by rz - Jul 16
23 comments

Scape goating Greece

by Frank Schnittger - Jul 13
25 comments

Occasional Series