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The only "courageous reform" available that would let Greece "to return to healthy public finances" is for the Greek Government to default on all or part of the foreign debt, starting with the debt from those who have been talking up the risk of default. If that were followed by Portugal doing the same and Ireland providing huge haircuts on its bonds to foreign banks the ECB, IMF, Germany and France, along with the relevant EU organizations would possibly be too busy dealing with more important problems to pay much attention to Greece. Greece could help itself domestically by issuing a domestic currency, going after what ever wealth of the Greek oligarchs it could, stopping the rent seeking by the financial sector and stop worrying about the dictates of the "troika".

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sat Apr 16th, 2011 at 04:22:41 PM EST
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