What do all nation's citizens have in common with the Greeks? The Greek people have no influence over their government's spending. Neither do the citizens of Germany, United Kingdom, France, or the United States. Why would the Greek people feel a moral incentive to pay back money that was spent without their permission?
Like the American's Greeks have never reined in government. For that they deserve to consequences of allowing their government's spending to get out of control. Still, they feel no moral imperative to impoverish themselves to support a system that does nothing but exploit them.
If mankind is lucky, the Greek referendum will begin a reckoning process and a crash of asset prices. If such a thing happens it will be after a worldwide emergency buying spree by the Federal Reserve and other central banks.
On Monday morning, all central banks will be in the save the stock market mode. Saving the stock market is not as easy as it used to be.
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