Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
For me it was a question of emphasis. I don't doubt she is correct as far as expressing how Greece is viewed by the world banks and their executives. But what matters here is how to deal with that, and giving too much solicitude to those sentiments leads to surrender. Too little MAY lead to default and forced exit, but I think Greece's best chance is sailing as close to that head wind as possible and tacking as it must. The very thought of the ECB filling a $300 billion hole in Eurogroup banks deriving from a Greek default, much as the Fed did with the GFC, would be the end of the world for much of the conservative political elite. The could not but see that as inflation - "Three Hundred Billion Created Out Of Thin Air!!". The only other place the money could be obtained is from those 80 individuals who own more assets that the bottom half of the population combined. They cannot even contemplate such a thing. It would be worse than the Bolsheviks.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue Mar 3rd, 2015 at 09:35:29 AM EST
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