The Greek economic minister recently retweeted this article, which argues that Greece has all of the leverage in the credit negotiations with Europe, and shouldn’t give in, as if it were to default and leave the Euro, or default or stay in the Euro using a sort of shadow currency, then it could easily shed its debt and resume economic growth.
But if this is true-that Greece would be better off either leaving the Euro outright, or defaulting, staying in the Euro, and using a shadow currency-then what is the Greek economic minister doing wasting time negotiating with Germany? Just leave the Euro now, or start using the shadow script now. The article makes it sound super-easy with no downsides, and you get to be rid of this crushing debt and resume economic growth! Why let Germany dictate any of your political program when you have this great alternative waiting for you?