Well, having posed the question four days ago, I now discover that there is quite a movement for default. The link below is to the hottest documentary at the moment making the case for default. It was featured this morning on the Today programme which surprised me somewhat. The film discusses ‘odious debt’ and how both the United States and Ecuador used it to write off debts (the US over Iraqi debts after the invasion). The Ecaudorian odious debt was uncovered by a panel of experts who trawled through the country’s finances to find out who were the creditors and whether the transactions that had brought it about were ‘legitimate’. For example, there is an accusation that large enterprises, including Siemens in Germany, used bribes to win large contracts such as for the Athens metro. The film makers, not surprisingly, call for a similar audit to be conducted in Greece.

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