mr president currently we are celebrating the first anniversary of the greek bail-out but there is nothing to celebrate
one year later we are back at square one
instead of lengthening the pain and piling even more burdens on the greek economy it would be far better to accept the inevitable and the judgment of the markets
there is no way to avoid default
an orderly default has at least five advantages
it would share the loss more fairly between greek taxpayers and external creditors stop the replacement of private debt by an ever-growing proportion of official debt coming from other countries offer greece more growth opportunities by alleviating debt service make it much easier for mrs merkel to sell the default to the bundestag because it would mean supporting german banks rather than greece and finally isolate the debt crisis from the competitiveness crisis and save the eurozone from contagion
do it do not throw good money after bad
