Greek crisis talks for debt deal pushed to Monday

[Nuclear Unicorn]

3. Neither does bankruptcy -- As I said: no good options

If Greece could pay it's own way it wouldn't be defaulting. If it defaults that portion of its budget being supported by deficits evaporates instantly. Period. End of snetence. No "austerity" program needed because the checks stop being issued. So who doesn't get paid? Teachers? Police? Sanitation workers? Pensioners?

The reason they're dangerously close to defaulting is because their capacity to generate revenue outstrips their ability to repay what they owe to others. We can blame the banksters but presumably Greece is governed by adults. The money loaned to Greece was accepted voluntarily and as good as it would be to stick it to German banksters that money was not created by an act of fiction. It will be German pensioners whose deposits are lost.