October 18, 2011 § Leave a comment

The Schadenfreude argument is compelling — but there are a great many in Germany, and elsewhere in Europe, frankly, who believe the Greeks have had plenty of time to get their act together. This is such an intractable issue in Europe. Germans are loathe to bring up ghosts of WWII, for sure. But they are loathe, also, to bring up ghosts of Weimar.

On Hyperborea: ideas from the north

Lately, negative wisdom and Internet’s propensity to hype spectacle over substance have resulted in story after story about the imminence of a Greek sovereign debt default.

To be sure, this may or may not be a fair prognostication – like God, dark energy and that story your buddy told you the other night at the bar, economic predictions are difficult to verify.

Moreover, one need only glance at the current rates of Greek government bonds to realize that things are indeed frightening. Not to mention their debt to GDP ratio and other indicators.

One of the reasons it’s been so hard to leave this story alone is the domino effect that a Greek default could trigger – i.e., defaults in other areas of the southern eurozone along with widespread pressure from northern countries (or at least their voters) to distance themselves from any further contagion. And just imagine the field-day…

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