Loud

That might sound like a recipe for disaster, but Argentina defaulted in 2001, froze the banks, declared its foreign debts void, and cut itself off from IMF funding – and since then, it’s been the fastest-growing economy in fast-growing South America. (The Indignati, by the way, are well aware of this example.) But this is an extremely high-risk strategy, not just for Greece but for the whole of Europe, and to attempt it would require that a lot of planning had already taken place. But we wouldn’t know if it had, because these plans need to be kept secret in advance if markets aren’t to bet on exploiting them. If this work hasn’t happened, extensively and at levels which carry the necessary political clout to execute the plans when the default happens, the euro is odds-on to fail. However complacent and oblivious the European political elite has been, it is hard to believe everyone will turn out to have been that soundly asleep at the wheel.