[quote=urbanrealtor]Brian:
I agree with you.
And you know how much I hate that.[/quote]
Dan: Yeah, that smarts, don’t it? However, give the devil his due: He’s right.
This situation doesn’t have dick to do with democracy; it has everything to do with solvency. The ECB is essentially insolvent and is trying to buy time in order to shore up their balance sheet.
Much like the subprime contagion that blew a hole in the market in 2008, the fear here is the Greek mess goes viral and starts knocking down dominoes, starting with Portugal and Spain and then possibly moving up the chain into Italy and France. Given Greece’s relative puniness (financially speaking), you can see how large the problem might become if measures aren’t put into place to stop the rot.
The problem is that there is no upside for Greece and I cannot imagine how the EU “sells” this “solution” to a country and populace that have grown quite used to the status quo ante.
Maybe the Germans might want to try re-doing 1941 again and installing new “management” in Athens.
