David McWilliams: Why the markets would thank us for defaulting
Published 28/09/2011 | 05:00
Did you notice something strange over the past two days about the financial markets? The European stock markets actually rallied on the rumour that Greece would be allowed a "ring-fenced" default.
Now consider this again because the 'official' position of the Irish and the European political elite is that any default on anything by anyone would be a disaster, leading to huge capital flight and massive financial carnage.
If this is true, how come markets in the past two days have given precisely the opposite signal?