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Friday, 15 June 2012

A strong case for Greek default

The documentary "Hot spots:  Greece"offers the best argument for allowing Greece to default that I have seen. 

One leg of the argument rests on the the Greek default in the 1930s.  Prevention of Greek default benefits the bankers at the expense of Greek society.  Default was permitted in the 1930s because the interests of the population and society were deemed to be more important than repayment to the banks.  Today, IMF security over every present and future tangible and intangible Greek asset deems bank repayments more important than the Greek population and society.  Short term financial gain by the banks comes at long term destruction of the whole society.

"Hot spots:  Greece" (part 1)
"Hot spots:  Greece" (part 2)

I thank JSMineset for drawing my attention to these videos.

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