“But it takes pretty supple view of morality to see repudiation of legally contracted debts as “the right thing.”
Between individuals, I would agree with you. In this case it’s banksters versus governments. Mafia faction versus mafia faction. Morallity doesn’t enter into it.
Regardless, the Greek government is where it’s at. You could sit there and say they coulda, shoulda, woulda done X,Y, or Z in the past. That doesn’t answer the more pressing problem of what do they do now? They’re bankrupt. They can’t service the debt now or likely ever. All the recriminations in the world don’t change that.
Repudiation screws everyone in the short run, but longer term the Greeks have the opportunity to move forward.
“but longer term the Greeks have the opportunity to move forward”
Indeed. Starting with New Drachmas. My current offer is one U.S. dollar for one billion New Drachamas, with a maximum trade of $10.00 U.S.