largest disorderly default in history 20/3 , page-17

  1. 10,404 Posts.
    omera, "Iceland defaulted three years ago"

    Let's put something to rest, for good, permanently, forever etc.

    Iceland isn't Greece.

    Greece has no currency to devalue.

    It's debt is 160% of GDP. Much, much bigger than Iceland.

    A shift to the drachma would send their civilization into a long and desperate hell. They wouldn't be able to import. Starvation, death and misery would be a way of life.

    In the long term the euro is the only thing that can give Greece a future.

    Whether or not they want a future is another thing.

 
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