Ah yes - the issue I’m referring to is that Greece w/the Drachma controlled one half of the currency exchange involved in foreign debt. They could inflate or d

Ah yes - the issue I’m referring to is that Greece w/the Drachma controlled one half of the currency exchange involved in foreign debt. They could inflate or deflate that half they had when they needed to do other things. It wouldn’t always work well, but it existed. With debt denominated in Euros AND a local economy operating on Euros, they control zero halves. So defaulting now screws them out of their grocery money too, and not just out of their lambo money like it did before. The same (pre-Euro) situation is true of all the other examples, including Russia.