This post is a bit tongue-in-cheek but meant to provoke discussion. Recently, especially Naked Capitalism.com has spent attention to the practical, IT issues of a Grexit. See e.g. here and here.
Here’s a thought: with the collapse of Nokia and the withdrawal of Microsoft from some of its remains in Finland and the resulting unemployment among highly skilled IT people in Finland, why not set up a Finnish-German IT task-force to engineer a controlled exit for Greece from the Eurozone ? We could include Estonia as well, so we have two countries with very advanced netbanking society and structure. This could also include reforms of tax collection (I am very happy with the Finnish tax system, as opposed to e.g. the Dutch tax system, from a user perspective that is.)
Furthermore, Estonia has experience with cybersecurity and Finland has F-Secure, which I think is a very solid company regarding virus protection and malware detection.
Just think of it: Greece could regain freedom in a hopefully non-destructive way and Finnish IT professionals get a very complicated multiyear project. Rather than Finland exiting the Eurozone, WE CAN FIXIT!
Please read this link and the post by Francesco Saraceno that I reblogged. It really seems that the ECB has been extremely political in its decision yesterday. Who can still believe it will negotiate in good faith? This stuff is escalating faster than I though possible…
Naked Capitalism has been quite pessimistic on the prospects of Yanis Varoufakis to turn the situation around, despite his considerable skills in economics and game theory. Some links on this (in chronological order):
Syriza Walks Back Initial Defiance
The ECB Ready to Put a Choke Chain on Syriza
Greek Finance Minister Varoufakis Retreats on Debt Writedowns, Public Spending Promises
The ECB now decides to play hardball. The most important thing that Greece needed was time. Time to negotiate, time to build an alternative discourse, time to make connections. The ECB put an end to that hope. The deadline now is the end of the month. Please read: The ECB Tightens the Choke Chain on Greece
With a bank run underway and funds unlikely to return any time soon, Greece is utterly dependent on ECB support unless it is willing to have its banking system collapse. And that blow in an already prostrated economy is something that Syriza cannot responsibly inflict on voters, particularly when it shifted its campaign in the weeks before election to a moderate, pro-Eurozone posture. The ECB has issued its diktat and Greece has no choice but to fold. Varoufakis may still win some concessions around the margin, but the message is clear: he will get no big breaks on any of his major issues. The most he can hope to get is whatever the Troika is willing to trade for the Syriza’s commitment to taking on the oligarchs and reforming its tax system.
This does not end well. Before you know it, there will be a new election, because the ECB crushed the new government, and then the Greek Nazis will come to power. Well played, Europe.