“Soft despotism is a term coined by Alexis de Tocqueville describing the state into which a country overrun by "a network of small complicated rules" might degrade. Soft despotism is different from despotism (also called 'hard despotism') in the sense that it is not obvious to the people."

Tuesday, May 15, 2012

Greece, please, it’s over. Cram down the banks and bondholders and get on with it.


  1. Vulture funds who bought international Greek bonds at discounts are circling ahead of Tuesday's deadline to repay a 436mn note issued long before the name Greece became synonymous with "crisis".

    "You have a dying corpse and everyone is trying to get a bite," Andreas Koutras, a Greek national and analyst at London's In Touch Capital Markets, told Channel 4 News Online.


    "The chances of these bonds being paid right now are very slim," Mr Koutras said. "If these bond holders come from hedge funds who've done this before they know how the game is played.

  2. When it comes to a situation like Greece, the Greeks should give them a 98% haircut. Give them 2% to show them you still care and try again. In three years the greedy bastards will be throwing money at them again.

  3. The Northern Europeans will stop eating their olive oil or visiting Santorini or Crete? They will be there in droves. There is no other way.

  4. Greece has been in some kind of fix all my life. Riots, strikes, Generals, etc. Just cancel the debt, get on with it.


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