As Greece has called for the crisis meeting because the Debt talks are not working their way since months, going through the possibilities, just wondering why Greece should not adopt the Iceland way.
Not only would it be better for Greece, it would be better for Greece’s creditors.
1. It would be a credit default, so CDS would have to pay out. Much better for creditors than a 70% haircut where default insurance is void.
2. Greece would regain fiscal sovereignty.There would be plenty of pain, but less than the forced austerity Germany suggested.
3. The IMF would not be securing against Greece’s assets. This is a win for the Greek people, as the current bailouts don’t help them.
I could go on and on… but no need. Iceland showed the way. Greece need only follow.
Or there is one radical ways to follow on with Eye bursting, bowl moving, hyenia laughing radical.
1) Abandon the €. Bring back Drachma. Peg it to the Swiss Franc. Giggles. Shits.
2) Withdraw from the EU, treaties be damned. National Security and all that jazz.
3) Declare neutrality and leave NATO. Slashes armed forces, sells subs, frigates.
4) All banks are nationalized and one new one emerges with a clean slate.
5) Greece’s new national strategy is to become a giant Cayman Islands.
6) Greece turns itself into the ultimate Sin City, slashes corporate tax rates to the lowest north of the equator and encourages corporate, casino and resort development, one page tax returns, secrecy laws for investors, the works. Ireland wimpers.
7) Greece gets to be a real cool place, real quick.