Monday, February 27, 2012
A&G believes Greece should default.. shoulda' done it a long time ago.. been practically yelling from the rooftops for 18 months that it needs to happen. Of course if you read the previous post, "The Secret Plot to derail the Greek Bailout" (http://ants-and-grasshoppers.blogspot.com/2012/02/secret-plot-to-derail-greek-bailout.html), you'd know its going to happen soon, one way or another.
Back in the early days of Greek bailout, we were among a small fractional percentage of sites stating this view openly.
Well for curiosity and a bit of 'fun', we decided to keyword two phrases "Greece should default" and "Greece must default" in Google news to see what if anything would turn up. Here's just a sampling:
* "Greece should begin an "orderly" default and voluntarily leave the euro in order to escape a vicious cycle of insolvency, low competitiveness and ever-deepening depression -- Nouriel Roubini- Professor of Economics at New York University
* "The (Greek) economy continues shrinking and this makes it even more difficult to make revenue targets... There have been large increases in suicides and violent crime, and access to healthcare has declined... the default/exit option should be taken seriously for Greece " -- Center for Economic and Policy Research based in Washington, DC
* "This debt is unpayable... Greece should default, and default big. A small default is worse than a big default and also worse than no default.” -- Mario Blejer, who managed Argentina’s central bank in the aftermath of the world’s biggest sovereign default (2001) and also was an adviser to Bank of England Governor Mervyn King from 2003 to 2008
* "Why can’t we (Greece) default within the euro zone?... The only reason for taking on more loans is if we think that by doing that then we can repay them. We can’t and everybody knows that. The European Central Bank knows that. The International Monetary Fund knows that,” -- Yanis Varoufakis, Professor of Economics at University of Athens
* "The question for Greece is whether to continue its recent path - continued attempts at austerity, which do little to tame the deficit, followed by just enough bailout from the EU to avoid default - or whether to finally admit the obvious: it should default on its sovereign debt, abandon the euro, and go its own way." -- Jeffrey Miron, senior lecturer in economics at Harvard
* 'Why Greece should default and exit the euro' -- Telegraph UK headline
* 'Six reasons why Greece should default' -- Time Magazine headline
* 'Greece must default and quit the euro. The real debate is how' -- Guardian UK headline
* 'Greece must default if it wants democracy' -- Financial Times headline
~ Nice to see others join the the A&G bandwagon...
Posted by Susquehanna at Monday, February 27, 2012