Needless to say, it really doesn’t make any difference in the long-term whether Greece gets a bail-out or who provides the money. The country is not facing a liquidity crisis, it is facing an insolvency crisis.
Assume he\’s correct (as I think he is).
This makes all the fuss about speculators, CDSs, hedge funds and all the rest entirely irrelevant. We might. just about, if we squinted very hard, be able to see a case whereby such might either create or make worse a liquidity crisis.
But they\’re not going to make the blindest bit of difference to a solvency one.