· The Greeks have the whip hand here.
Either the Germans cough up- and they might crack and do just that-or the Greeks can just walk away from their debt abd efectively tell the foreign holders of the $403 bilion to go hang.
They have done it five times before in the history of modern Greece since 1828 and once more will be no great trauma for them . Leaving the euro and restarting the drachma would be quite easy, with the added bonus of it being a marvellously weak currency- just what a tourist and agricultural economy needs!
After all they've had a good run out of the euro story and Greece will still be there. So why not?
John
on January 07, 2010
at 12:10 AM
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