But a piñata is made to be broken!

Sir James Rickards’ “How markets attacked the Greek piñata” February, 12 represents a truly provocative piece of advice… until we run into the difficulties of defining what risks should be allowed as insurable… you see, a piñata is made in order to be broken… and so perhaps we need to prohibit anyone not having a direct interest in Greece to lend Greece the funds that loads their piñata... is that it? Also, if the Greek piñata breaks, who is to tell us with absolute certainty that it is not Greece that would most benefit from it?

Yet, again, it is indeed provocative to somehow go down this route of allowable speculations, and at least prohibit the profiting from others misery, like having an interest in people defaulting on their mortgages... though I much prefer the Danish principle of awarding mortgages with such a care that no one really dares to bet against them.