Next Time it’ll Hurt More

Hard as it was, the recent Greek default was easy because Greece just stiffed private banks and hedge funds. Next time – yes, next time – it will be harder. This is because most of Greece’s debt is now held by the IMF, the ECB and many European nations who lent directly, or via the bailout fund, to Greece. So, Greece’s creditors are now, generally, tax payers of neighboring states!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.