On Feb 16, 2010, at 9:39 PM, Doug Henwood wrote:
>
> On Feb 16, 2010, at 9:28 PM, Shane Mage wrote:
>
>> If it's that scary (and for all the good and the great, it is) then
>> the threat of repudiation becomes a magic wand.
>
> Could be, but I'm guessing that Greece would like trade finance.
>
That's the contract, of course. How to make it without capitulating
to Merkel and the ECB? Before tabling the repudiation card (even if
its a deuce) , Papandreou has enough trumps to play. The EUrocrats
are blaming Greece not only for its debts but for the fraud involved
in generating them--fraud that Papandreou has characterized as a
"criminal record." So the next play from Papandreous's strong hand
is an "investigation" of the previous government and its Goldman Sachs
co-conspirators. Next criminal indictments. Then characterization of
the debts as "odious." Merkel and company would be hopelessly squeezed
Shane Mage
"L'après-vie, c'est une auberge espagnole. L'on n'y trouve que ce qu'on a apporté."
Bardo Thodol