For Greece, the worst catastrophe now would be to stay in the eurozone

“The IMF last week admitted Greece’s debts were ‚unsustainable‘. But such is the political arthritis now afflicting Europe’s ‚technocratic‘ rulers that they ignored the fact. They concentrate on their one concern: somehow extending Greece’s repayments so German, French and British banks could have even larger loans underpinned. It is bankers, not Greeks, who are being ‚bailed out‘. They want Greek taxpayers to go on paying interest even if the principal is as beyond reach as a tsarist bond.

Denying an entire nation the benefit of bankruptcy imprisons its citizens. […]

Had Greece slid out of the euro after the crash of 2008, it would now be on the road to recovery. Its debts would have devalued. It citizens would be in work. Investors would be investing. Tourists would be flowing in. Perhaps Italy and Spain might be wondering if they too could be better off with a sovereign currency, leaving a tighter deutschmark zone to the north. They would probably be right. But for the time being, the priority is Grexit.”


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