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>Personally I would vote for revolution - national default, totally new political leadership - and start to rebuild the country from scratch. That was actually
by StanislavPetrov 10y ago
>Personally I would vote for revolution - national default, totally new political leadership - and start to rebuild the country from scratch.
That was actually the best of Greece's bad choices, but they were strongarmed by the IMF and the ECB into not defaulting and pulling a brick out of the financial pyramid scheme upon which western society is based.
- akytt 10y agoOk, a revolution. But, praytell, who would finance that new fresh government? There's little capital in the country, people don't evidently like the idea to start paying taxes all of a sudden and you just screwed over a large group of investors. That money is going to be way more expensive than the average market yield. That means your economic growth will likely not cover the interest payments. Which means you'd take on new loans to pay back your old ones with interest. And we'll be having the exact same conversation in 25 years or so. Yeah, your generation is going to so okish. But the next one will do even worse than you after a fresh round of damage on Greece reputation on financial markets.
- nugget 10y agoNo financing is required unless you want to run a budget deficit. Greece is one of the most popular tourist destinations in the world. They could use that sector as the cornerstone to rebuild. They would be poor (to start) but they would also be free. I think this is their destiny eventually but I don't think the pain is bad enough yet.