There’s a pretty fair summary of the “No” argument for Greece at Business Insider. The gist of the article is that the ECB’s and IMF’s prescription isn’t working. There are two things the author doesn’t mention. The first is the currency which to my mind is the central problem. Greece and Germany can’t share a common currency unless Germany is willing to send the Greeks some money every now and again. Which bring us to the second issue.
German politics is full-bore behind Angela Merkel sticking to her guns. As long as the Germans are convinced that the Greeks are shiftless con men, there really is no way for Greece to get out from under.
I like this line from page 2 in the article:
If anybody wants to know why the powers that be are in a panic over Greece defaulting, a Zero Hedge post has the answers:
The Greek Bluff In All Its Glory: Presenting The Grexit “Falling Dominoes”
As with the housing bubble, there is a lot more going on under the surface, and what you cannot see is far more catastrophic. In the financial industry, nothing is ever what it seems, but when you are hustling, you let the fool think he lost his money honestly. That way he will defend you. If you do it correctly, they will even turn on their spouse, parents, children, friends, or anybody else they care about.
Well, around here there are different opinions. Guarneri thinks that a debt is a debt is a debt. I think that when you play three card monte if you don’t know that it’s a confidence game and you’re a professional gambler and you inevitably lose your money you have no right to act surprised. I also think that as long as Greece is on the euro it will never get out from under. There’s no amount of trimming, saving, conserving, and raising taxes that will get the country’s collective head above water.