Greeks seem to have an odd outlook with regard to borrowing and paying back. From a blog at http://blogs.reuters.com/the-deep-end/2011/05/12/why-a-greek-default-wouldnt-be-news/ âFrom 1800 until well after World War Two, Greece found itself virtually in continual default,â write Carmen Reinhart and Kenneth Rogoff in âThis Time Is Differentâ â itâs a point Nouriel Roubini underlines in our latest look at Europeâs mess, from Noah Barkin. In other words, for Greece over the long term, default is more steady-state than news. By Reinhart and Rogoffâs calculations, Greece spent 50.6 percent of the time between around 1800 and 2008 in default or restructuring, which puts it third after Honduras (64 percent) and Ecuador (58.2 percent) in Europe, LatAm, North America and Oceania. âGreeceâs default in 1826 shut it out of international capital markets for 53 consecutive years,â they write. ========================================== I wouldn't bail Greek Eurotrash out were I Germany or anybody else, I'd screw them over every way possible since they can't really be counted on to participate in the modern world in any real way...
Yeah but look at the bright side, according to Krugman, giving away money that greece doesnt have to pyromaniacs, kleptomaniacs and pedophiles, will probably stimulate their failing economy. Green shoots baby!