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I can't imagine that the consequences of a Greek disorderly default 2 years ago could have been worse for the Greeks than what they have already endured and what's in store for them.

Yes, they would have had shortages of essential imports, food and fuel, experienced a wave of business failures, personal bankruptcies and unemployment. But 1) have they not basically endured the equivalent of that without default? 2) Would the situation not be improving after two years, with the debt slate wiped clean?

Instead, more debt has been piled on top of Greece, under foreign law rather than under Greek law to add insult to injury, and all the consequences of default have occurred. And the likes of Juncker have the gall of coming out and saying that this constitutes "European 'solidarity'" and that the Greeks have to deserve it if they want more of it.

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 Feb 14th, 2012 at 06:05:19 AM EST
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