[quote=spdrun]Or positive for the rest of the Euro — Greece has been a thorn in their behinds for the past, what, five years? If Greece leaves, then maybe the cycle of paranoia can be broken.
And Greece isn’t that big. A humorous take on the matter…
I doubt it. The rest of the PIIGS still have the same problem of too much debt and not enough economic growth. The EU is going to do everything it can to make the Greece situation as painful as possible if the referendum fails so that nobody else (Spain, Portugal, etc) gets any ideas that an exit could be a good thing in the long run.
Lehman was small in the grand scheme of things as well and that didn’t prevent a massive leverage unwind in asset prices. Actually Greece is orders of magnitude bigger than Lehman although they have had some time to shift the losses onto the German and the rest of the big EU country taxpayers at this point (aka ECB is the big loser).
The reality is really simple, that which cannot be paid back will not be paid back. It’s not about politics, morals or anything else it’s about math.
