I don’t have a clue why Greece doesn’t just say “forget it...we can never pay these loans back, so we won’t even try”. Why does their leadership want to be in forever slavery to the northern European banks, anyway?
I do expect widespread default at some point. No one can really pay back anyone. It’s more apparent with Greece, but it’s true for us as well.
“I don’t have a clue why Greece doesn’t just say “forget it...we can never pay these loans back, so we won’t even try”. Why does their leadership want to be in forever slavery to the northern European banks, anyway?”
Because they’ve been living on borrowed money and their economy will instantly flat line the moment they default and leave the EU: no one will ever lend them another dime and the new drachma will be worth about the same as a zimbabwe dollar, namely about one bazillonith of a US dollar. In fact, Greece will pretty much instantly turn into Zimbawe on the Mediterranean the moment they default.