Roubini suggests Greece default on its debts and follow Argentina’s 2001 example

Wednesday, September 21st 2011 - 02:10 UTC

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The economist who predicted the credit crunch and financial crisis has recommended that Greece leave the Euro, default on its debts and return to the drachma. Read full article

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Sergio Vega
Yeap, the easiest way......you waste the money from loans and then default your debts which means others take the losses and you start again like nothing has happened......instead be responsible for the bad leading of the country´s economy living as the richiest being the poorest....
The European countries must recognize that the “welfare state” they have been impossing there is not possible for all of them leading those countries to a high debt rates or, in other words, they are living with the other´s money without earn it themselves, excepcion are the northen ones....
The recipe must be longer work term (65 yo as a minimun), lower welfarism, tax reduction, flexible job contracts, no more subsidies to the economy and a full sense of competiveness.
It sound like the way to give other your lack of capability to manage your wallet.
Sep 21st, 2011 - 01:54 pm - Link - Report abuse 0
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GeoffWard2
“The approach was called “bankrupting your way to recovery”.”

If you get known as a defaulter - or even worse, a serial defaulter - then it should come as no surprise that you become a pariah state whose only 'friends' are pariahs themselves.

However, there are different classes of Pariah:
Zimbabwe-class
Argentina-class
North Korea-class
Iceland-class

I do not group Iceland along with the other classes because their catatrophy was a bankers' calumny, not a matter of state politics.

The UK would find itself in an intermediate class, where PM, CoE & HoFSA colluded with the bankers to the point of inaction in the face of need for immediate and fundimental corrective action. In itself, unforgivable.

There should be agencies tasked with the process of Return Of The Pariah (Showing now, in all good cinemas).
Hang on, that's what the IMF is doing, isn't it?
Sep 21st, 2011 - 09:54 pm - Link - Report abuse 0
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