Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
I think Greece is screwed now because any default will be far more messy politically than financially.

Greece is not Iceland, and the Greek people never got the chance to tell the money to fuck off.

So there will be some kind of no-default-then-default spasm, which won't be the clean break it needs to be.

If Greece leaves the Euro zone - or leaves Europe - expect something beyond the usual IMF riots, followed by something even less democratic than the 'technocratic' non-democracy in place at the moment.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Tue Jan 10th, 2012 at 06:59:39 PM EST
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Also expect a slew of German commentary about how Greeks don't know how to govern themselves.

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker
by Migeru (migeru at eurotrib dot com) on Tue Jan 10th, 2012 at 07:14:35 PM EST
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Oh. Has someone suggested Greeks can govern themselves?
by Katrin on Tue Jan 10th, 2012 at 07:59:25 PM EST
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