Agree with both wws and JMH above.

Can’t imagine why any German taxpayer would want to spend a dollar or a euro or a deutsche mark on Greek debt. Seems like there has to be good odds that the Greeks get a letter one day explaining to them that they are now former members of the EU.

We should actually be hoping for that, as the day approaches when California, Illinois, New York and other similarly indebted states appeal for the same treatment. I think that it would be in all of our interest if Greece has to pay the price for its profligate spending. I really hope the Germans and the French come through here, but I just realize what I wrote and have a sinking feeling that such a clear outcome won’t come to pass.