It’s risky to play with fire
Alarge section of Greece’s politicians and regular folk have a profoundly misguided perception of our current ills. Greece’s international creditors (the European Commission, the European Central Bank and the International Monetary Fund), the theory goes, will continue to provide the debt-ridden country with millions of euros in loan packages, regardless of what we decide to do with our structural reform programs. In other words, these people believe that because of the threat of a spillover to the rest of Europe from the Greek fiscal crisis, our foreign lenders will show unlimited tolerance. Those who share the above view obviously have no idea what is really going on in Europe. Or they are oblivious to danger. The risks of this posturing are huge. After all, the only way to really test the theory is to put it into practice – in other words by checking to see what will occur should our foreign lenders run out of patience. No one should be so irresponsible as to toy with the scenario of a unchecked bankruptcy.