Today´s
prevailing position on Greece´s fate, in the European political and financial
circles that have power, was rather clear: it´s time to call a spade a spade.
This
basically means, as I see it, that those leading circles have come to the
conclusion that the Greek situation has reached a decisive point. And the
decision is to let Greece go its own way. It makes no sense to advocate for a
solution that the other side does not accept.
I
tend to agree. Default is painful but it is not the end of the road. Argentina
and other countries have gone through that experience. Even California did. Default
can actually be the beginning of a new cycle.
On
the markets side, it looks as if the default possibility is now perceived as inevitable
but with a manageable impact.
In
the end, those who will be seriously affected are the poor people in the streets
and villages of Greece. Unfortunately it´s always like that.
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