Greek default a disaster? Bull.

News coverage around the world is agreed that Greece defaulting on a €1.6bn loan repayment is the end of the fiscal world. In America, the Wall Street banks would just call that kind of chump change the cost of doing business.
I think the Finance Minister, Yanis Varoufakis,mneatly described the issue when Syriza came to power: the Troika is treating Greece’s sovereign debt issue as a liquidity problem, when it needs to be treated as a solvency problem. This moment has to come sooner or later, because relying on bridging loans to makek payments on a mountain of debt postpone the problem without any prospect of solving it.
What’s really at stake here is the entire banking system narrative that needs to be maintained in order for oligarchs to continue to prosper from the labor of others. They must maintain the illusion that capital trumps all, and that humans owe fealty to financial institutions. There are yachts in Monte Carlo at stake if anybody challenges the paradigm!
Best of luck to all my Greek friends. Stand strong and proud, and if at the end of this there are fewer iPhones but stronger bonds between neighbors who rely upon each other, I don’t think that will be the calamity that the bankers and their propaganda outlets would have you believe.

  


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