Greek Credit Swagger

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Greece is in default. On Tuesday the government missed a payment deadline on its IMF debt. On Sunday Greeks will vote in a referendum to accept terms from the IMF for more loans. The terms include tax increases and pension cuts.

Prime Minister Alexis Tsipras says he’ll step down if the referendum passes. Holman Jenkins in the WSJ says Greece has put a gun to its head saying, “Pay us ransom or the idiot gets it.”

The Greek economy is only 1.8 percent of the Eurozone. At 18 trillion in the hole, nobody has a credit swagger like Uncle Sam.

 

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