[euccastro]

There is also an economic dimension: (a) and (b) are just impossible. There's no way Greece's debt can ever be repaid in full. All along, this farce has been about bailing out the foolish investments of private creditors (mainly German and French banks) at the expense of the taxpayers of all countries, mainly the "creditor" ones (because they are the ones that could foot the bill after all). The squeeze on the population of the "debtor" countries is mostly about ideology; from the perspective of the (new) creditors, it doesn't even make economic sense to push your debtors further into recession.

[holoto]

The US will also not pay back it's debt. This is not how it works. You do not pay off debt. You refinance debt with other debt. So this "There's no way Greece's debt can ever be repaid in full." is beside the point.

[euccastro]

OK. It's just as clear that Greece will not be able to indefinitely refinance its debt. As in, debt will perpetually grow beyond GDP. I don't think this is even controversial.

The US is an anomaly in that it has had the printing press for the world's reserve currency for more than forty years. Whether it'll be able to do so indefinitely is a different question.

Apropos this:

http://yanisvaroufakis.eu/books/the-global-minotaur/