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That's what the defaulting governments need to prepare for. And that is what they have not done and will not do.

What is needed is a bloody minded opposition that can get into power, lie its ass off about how they are committed to paying all the while they are preparing to default. When they are prepared, (can get through the next winter), then do it and invite others in the same position to do the same thing. If it were any country the size of Greece or larger it would likely be game over for those supporting the current regime. They would be so busy dealing with their own domestic political consequences that they would have little time to be concerned about the defaulting country.  

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Feb 15th, 2013 at 01:04:21 AM EST
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The problem with that is that by the time a sufficiently bloody-minded opposition gets into government, the required "lie their ass off" phase may well be longer than the political system can survive a pro-austerity government.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Feb 15th, 2013 at 01:56:52 PM EST
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