I Do Not Understand Europe's Attitude Towards Its Bonds

Hey Ian, how come Greece (And, apparently, Italy, Ireland, Portugal, etc, etc. . . .) apparently have no pride and are elated to have their bondholders take a bath on the investments made in their country? Is there no national pride in Europe? And what's this deal with the Greek referendum? Are the Greeks going to hold a vote on whether or not to continue to be irresponsible?

It's no different to foreclosed homeowners in America or the US States/cities that are slowly going bankrupt.

America started this mess so it needs to fix it.

And charity starts at home. So the first thing we need is centralized Washington control.

Close down State Governments. We can't afford them. And all the preferences are the same anyway.

Washington knows best.

What's good for Virginia is good for Texas.

Ian Gills said:

America started this mess so it needs to fix it.

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Wrong again, Ian. It is a character issue, and Greece fails. Greece's problems were created by Greece and they need to be solved by Greece. The only assistance it can hope for now is an adjustment of its past debts. Going forward, the best it can hope for is that its once burned, twice shy creditors will not demand too usurious of terms for any future lendings. And that will only happen if Greece cleans up its act.

The issue is whether/when Greece will be thrown out of the common market or whether/ when the solvent nations in the common market will themselves withdraw. It's interesting to see Germany and France on the same side.

Or, we could take a note from Saumuel Hearne and the HBC and give the entire Greek nation to a consortium of cruise trip and other private enterprises which are willing to work and know how to make a buck or two.

I think America should write that check.