The shops are still full of food and the farms and factories cannot be towed away. Presumably the agricultural and industrial base of Greece is just as productive as it was before the financial crisis.
Afterall is said and done, financial transactions and money are only a means of exchanging goods and services.
The Global Financial Crisis was caused when the banksters sought to make money purely through speculation, creating fictional debt through the trading of so called “Financial Products”, mostly packaged up junk bonds and overlevered home mortgages. When this whole Ponsey scheme collapsed around them, the bansksters rather than accept that all their newly created extra wealth was illusury, sought to get the public to pay them out to make it real, this was done with huge publicly funded bail outs of private sector banking and finance companies, this raiding of the public purse came at the cost of public austerity and privatisations. In effect swapping the fictional wealth created from speculation for real wealth stolen from the public.
This is what happened to Greece, none of the money that Greece supposedly owes, went to the Greek people or Greek state it went to the private banks. Some of them foreign owned.
When the fiat currency of the day no longer reliabably performs its function of exchanging material goods and services it must be replaced. When a currency instead of helping the exchange in goods and services is being deliberately used to hinder the exchange of goods and services, it needs to be dumped.
The Global Financial Crisis (GFC) is a man made artifact created by the global banksters. The GFC is not a natural disaster it can be undone.
The ex Finance Minister Varoufakis was planning to print the Drachma and ditch the Euro. This is what should have been done.
The next step would be to nationalise the banks, and force them to open and honour all their accounts with all their remaining Euros. When the Euros run out, replace them with the newly minted Drachma.
Undoubtably there would be a massive back lash from the Germans and French backed by the IMF and the Amercians, who would seek to isolate Greece.
To break the EU US IMF economic blockade, Greece needs to immediately negotiate free trade deals with countries outside and independent of the Euro block.
There needs to be a reshaping of international trade relations.
Turkey, Russia, Iran, Greece, Albania.
The most obvious first point of call for the Greeks, is the Russian Federation.
Followed by Turkey, which despite its membership of Nato, and its strong economy has been shunned by the EU mainly on grounds of European chauvinism.
The next obvious new trading partner. The newly returned to international economic engagement, the Islamic Republic of Iran.
Russia and Iran are both industrial and commercial powers in their own right and both are independent of the Euro Mandarins. And for their own reasons whould be glad to break any economic blockade imposed on Greece.
Greece should also sign a free trade deal with their Northern undeveloped neighbour, Albania, including two way visa free entry between Albania and Greece, this will open up whole new territory and opportunities and resources for the relatively well educated workforce of both these Mediterranean countries to the mutual advantage of both.
This would also spike the guns of the viciously xenophobic fascists of the Golden Dawn.
“If necessary, we will issue parallel liquidity and California-style IOUs, in an electronic form,” the erstwhile economics tsar told the Daily Telegraph when asked about the need to pay public-sector employees and pensioners at the end of the month. “We should have done it a week ago.” YANIS VAROUFAKIS
Can Greece really make a drachma as a way out of this crisis?
No one in Athens is mentioning a plan B but if…
THEGUARDIAN.COM|BY HELENA SMITH