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New have to give 'em credit
They're saying, in effect, "Hey, if we have to go down...everyone has to go down."
New Maybe
But I doubt it.

I don't think the "guy on the street" thinks that.

They simply want to get paid. And they don't want an office of bankers from the EU directing their public policy.

So in order to remove that, they need to remove the euro, print their own money, and inflate it to pay everyone a given numeric amount.

Of course at that point their import costs skyrocket, so any imported machinery or high tech gear becomes too expensive, so the only thing they have left is a 1/2 assed agro economy with tourism tacked on. The cost of imported luxury goods will be out of reach for most of the population, and their general standard of living will tank to pre Y2K levels. Which for the most part is still better than most of the world.

Any of the "international" service firms such as shipping won't be affected since they get paid in the client's currency (euros, dollars, etc), and their costs will be less for people (feed them on the ship, pay them in drachmas, and drachmas will get cheaper all the time while the rebalancing happens), so they don't care.

The whole country will "slow down" (yeah, I know, not possible), and work for themselves as needed, rather than work for the bankers in another country. Remember, tax collection is awful in that country, and the culture is almost nobody pays, so do you really think they will go along with the entire country paying interest to another group of countries, with their infrastructure and various tourist islands used for collateral?

I don't think it'll tank the rest of the EU. The others are probably HAPPY (at least the general populations who see their politicians giving their tax money to the Greeks), but the guys on top are annoyed they have to deal with it. But they are quietly relieved it is no longer their problem, and they no longer have to stand side by side, throwing more money away, for a grand political idea they don't necessarily believe in.

Time to cut the cord.
New Don't forget the CDS
if the Greeks do default, it becomes a credit swap. There has been a lot of bets against the Greek debt.

There are financial types who are going to be freakin' out.

But it may make the most sense for them in the long run.

     Greeks about to say f'off - (crazy) - (5)
         I LOVE it. -NT - (mmoffitt)
         Re: Greeks about to say f'off - (pwhysall) - (3)
             have to give 'em credit - (S1mon_Jester) - (2)
                 Maybe - (crazy) - (1)
                     Don't forget the CDS - (S1mon_Jester)

I should drag your fat arse over here and make you clean the coffee off my monitor.
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