16 September 2011

GREECE / EUROZONE: Default Talk: History Shows...It Would Be Messy Affair.

                                       REUTERS/ Long Analysis / S.Brown

     Some experts like George Soros and Paul Krugman tout Argentina's default in 1999 as the way Greece must go.
     But an economist there observes: "If Greece follows Argentina's desperate path of devaluation and abrupt debt default...they will be condemned to poverty and will see their banking system destroyed."
   "Greece has to default," said the managing partner of Hayman Capital, adding: "The world seems to think they're going to have an orderly default. I've never seen an orderly default."
    "I know of no example in human history of a state defaulting in an orderly fashion," said German lawmaker Michael Meister. "When you use such vocabulary, you simply increase the risk of such an uncontrollable, disorderly process occurring."