I’ve tried my best to ignore all European news and hysteria in the past couple of years. It’s been a wonderful time/sanity-saver for me! And really, what have I missed in the way of concrete political progress?! But enough is enough, how about a real bloody solution now..?
I was never impressed with the old chestnut that sovereign debt’s superior (to corporate) due to a government’s ability to impose & collect taxes. Sure, and it can spend just about any level of revenues too, among other failings..! Whatever the argument, you can’t escape the fact a nation is the embodiment of ‘Us vs. Them‘. When it comes to the crunch, government can always re-write, or tear up, any contract they wish – the ‘Us‘ inevitably comes first . [Hmm, I guess Ireland’s the exception that proves the rule? God, the half-wits in power couldn’t even fail properly..!]. So any type of in-country sovereign enhancement is pointless. And talk of, say, collateralization or sale of Greek islands is just plain ludicrous!