“the one who will suffer most

Structure: “Why are people panicking over Greece?” asked the German. “No one but our institutions own their debt, and Draghi has overwhelming firepower.” EU banks own no Greek bonds. “Spain did everything right, by the book, and just revised 2015 GDP to 3.1% - structural reform works.” The Spanish and Portuguese have lobbied aggressively against Greek leniency. “And if the Euro falls to 1.05, it will be a screaming buy; the EU will be institutionally far superior without having given in to Greece.”

Always Will: “Wealthy Greeks have gotten their money out already,” continued the German, noting that the next days could unfold like the example provided by Cyprus. “They’ll soon bring their money home, to buy what they don’t already own at a 50% discount.” Tsipras and his communists came in with a mandate to help the little guy. But the little guy is the one who will suffer most. He always has, always will. “It is the great irony, that in the end, the communists will have best served their adversaries.”

S&P 500 futures have just opened 40 handles lower in the wake of this weekend’s disintegration of talks between the Greeks and their creditors. The Euro is falling as well, predictably.

Capital controls are already in force as Greek banks will not open tomorrow, nor will the stock market in Athens.

German and Dutch banking officials are already talking about how they have the situation under control.

Krugman says this whole thing was done deliberately now that the Euro Zone has little to fear from contagion.

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