He who places his hope on thee, O Virgin all-glorious, will prosper in all he does.

Inscription on Byzantine coin during reign of Romanus III

Friday, May 18, 2012

Did You Just Play Your Ace?

Back when I was in the academy, the Sergeant told us something like, "When you're responding to a fight call, don't play your ace right away or else you'll end up looking stupid".

Alexis Tsipras, leader of Greece's Syriza party said that he'd repudiate Greece's debts if the Eurozone cut off further funding.

Ok, you've played your ace. Thanks for the belated warning. Now what?

Efforts have been underway for the last 18 months to prepare for an eventual Greek repudiation. I'd rate his ace more like a mean-case 5 or 6 or a worst-case 10. A Greek exit from the Eurozone would hurt Greeks more than anyone else, you know, with at least 100% inflation for those entitled public pensioners and a halving of everyone's savings, except for the prudent Euro hoarders. The Germans are better off husbanding their welfare checks for countries with genuine growth prospects, like Spain or Portugal or Italy.

Fire away, Ace.

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