The historical experience is that states can access the international money markets again after 18-24 months. See, e.g. Russia, Iceland and Argentina.

Besides, states only need to borrow to fund their current accounts deficit. Which, when you default on all foreign debt, means your trade deficit.

So yeah, a year or two of fuel rationing, and then they're in the clear. So far, Greece has suffered two solid years of far greater arbitrary cruelties in pursuit of an economic theology that has been wrong about everything of any importance for the last two hundred years.

- Jake

Friends come and go. Enemies accumulate.