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No, that's not what they've been doing.

They have clearly been living under the impression that they were going to get paid in the Greeks' money. Eventually.

The fact that this is mathematically impossible does not seem to have dawned upon them just yet.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Tue May 31st, 2011 at 01:35:47 AM EST
[ Parent ]
Of course they were always going to be paid in the ECB's money, given that the Euro is a fiat currency. The real problem is that the Germans and the ECB are Aust[e]rian gold bugs.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Tue May 31st, 2011 at 01:40:08 AM EST
[ Parent ]


Friends come and go. Enemies accumulate.
by JakeS (JangoSierra 'at' gmail 'dot' com) on Tue May 31st, 2011 at 01:41:04 AM EST
[ Parent ]
Sending in the bailiffs to take away some sun-drenched islands and perhaps an Acropolis (or more mundane goods) is a way of getting paid in Greeks' money.
by afew (afew(a in a circle)eurotrib_dot_com) on Tue May 31st, 2011 at 07:10:58 AM EST
[ Parent ]
Or just buying up even more holiday homes, businesses and other property assets in Greece. The Greeks get an Aldi near them by way of recompense.

Index of Frank's Diaries
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Tue May 31st, 2011 at 07:28:57 AM EST
[ Parent ]
PS an Aldi is about yo be built just up the road from my home...

Index of Frank's Diaries
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Tue May 31st, 2011 at 07:29:40 AM EST
[ Parent ]
In rural France, I don't have far to go to two Lidls and an Aldi. I don't consider them evidence of German colonisation, just part of an even cheaper crap food distribution subsystem of large-corporate supermarketry in general.

As to Greece, I did mention "more mundane goods". The point being that the core financial system will (if not checked) extract its pound of flesh.

by afew (afew(a in a circle)eurotrib_dot_com) on Tue May 31st, 2011 at 07:49:51 AM EST
[ Parent ]
... if they get to keep them.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Tue May 31st, 2011 at 08:02:59 AM EST
[ Parent ]

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