Sunday, April 17, 2011

No way, Jean-Claude

The Greeks are starting to figure out that the bailout deal involves them suffering extraordinary economic pain in order to save the German and French banks who bought their over-rated debt. Of course, Northern European electorates may not want it any other way. But the reality is that the Eurozone periphery has no real option but to default, and the consequences will reach well beyond Athens, Lisbon and Dublin.