Greece to Repudiate Debts

February 28 is when Greece has to refinance its debts with the EU. I think Merkel of Germany has been enlightened by Greece’s new leader when he probably told her something like; “Take a long walk off a short pier.”

Bankruptcy will not kill Greece, any more than it did Iceland. It looks as if people will start bailing out of the Greek crap starting about Friday the 13th (if you are in the know) and about 7 days later Feb 20, if you weren’t paying attention.

The basic thing about Greece, is that bankruptcy is a one time event, which makes life worth living again. The scary thing is that the rest of the world cannot see the reality of the action. Greece will leave the Euro and rise up out of the ashes like the Phoenix.

Greece does not need the Euro, the other EU nations need to keep Greece in the union to give the Euro legitimacy. The EU is offering a country drowning in debt, a cinderblock as a life preserver.

Germany is the loser if Greece packs it up. Europe is expecting Greece to kowtow to the bankers. Funny, I don’t think it is in the cards. They have a choice, repudiate the debt or go back to a military dictatorship. 26 percent unemployment is a lot of frustrated people drinking beer with not much to do, other than riot.