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.