As anticipated Standard & Poors have said that sensible measures to roll over Greek debt constitute a default using its absurd rules based logic.

Rules based logic?


11 thoughts on “A Ritchie”

  1. Surreptitious Evil

    As opposed to Ritchie’s “whatever I emote at the relevant”-based ‘logic’?

    Or is it “whatever whoever is paying me would be most pleased with”-based logic?

  2. “Sorry, the comment form is closed at this time”. = “Do not pester me with facts that may interfere with my preconceptions”

  3. SE,
    Nothing so trivial. I’m thinking more along the lines of ‘there is clearly only one correct moral code and the courageous state should round up the rest’-based logic.

  4. To paraphrase “I’m right, you are wrong. Any more of your anti-state diatribe from you matey boy and you’ll be climbing into the back of a cattle truck”.

    Statists, can’t live with ’em, can’t put a bullet through the back of the head.

  5. So in Murphworld, corporations should be forced to follow ‘the rules’ on taxation in their home state, but the state should be able to ignore ‘the rules’ on the use of these sames taxes for repayment of debt to corporations ?

    I’m praying for him.

  6. Worzel,
    In Murphworld, meekly following laws tainted with the Washington Consensus is, well, meek.

    On the other hand the courageous state *knows* which laws and people are tainted, and simply dispenses with them for what is so clearly the greater good. What can possibly go wrong?

    If his courageous state comes to pass, it’s you (and me) I’m praying for.

  7. Offshore Observer

    I think everyone is forgetting what the term “default” means. Greece cannot pay its debts. It is insolvent.

    When a person is insolvent they declare bankruptcy and someone else takes over management of thier affairs to ensure that people get paid back in an orderly manner and that the bankrupt gets a chance to rehabilitate and rejoin society.

    We invented bankruptcy laws for two reasons, one to allow debtors to rehabilitate and too ensure that everyone knew who the bankrupts were and could ensure they dealt with them accordingly.

    Unfortunately we lack laws to deal with bankruptcy by soverign states. There are two options, the first is simply a default, the state doesn’t pay and creditors can simply whistle for it. The second option is a “retructure” where Greece doesn’t have to pay its debts immediately but can pay off a bit at a time over 20-30 years. This simply an attempt at a sovereign IVA or creditors arrangments.

    At the end of the day the root cause is Greece is bankrupt. S&P are simply calling it as they see it. There is no other way to desribe this outcome as bankruptcy for Greece. Its affairs are soon to be managed by its trustee in bankruptcy the IMF and the EU. The implications for other EU memberstates are profound.

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