Europe must hold the Basel Committee responsible for doing Greece in, by allowing banks to lend to it against almost no capital at all.

Sir, Wolfgang Münchau favors Greece would default on all official creditors — the IMF, the ECB, the ESM and on the bilateral loans from its European creditors. But it would service all private loans with the strategic objective to regain market access a few years later” “Greece has nothing to lose by saying no to creditors” June 15.

That translates into Greece favoring some investors/speculators, while making the European and some other taxpayers take the hit. I don’t think this is a strategically correct and intelligent way for Greece to behave… and it also fosters further inequality. The sacrifices must occur, but these have to be perceived as being shared as fair as possible.

And reading the three reasons Münchau puts forward for defending the default/Grexit alternative, I must remind you that while Greece remains committed to risk adverse bank regulations, which discriminates against the fair access to bank credit of its SMEs and entrepreneurs, it will fail, no matter what it does... and Europe will be following the same route in due course.

And talking about bad regulations, it is of utmost importance for Greece an others, to make sure the responsibility for all this tragedy, is shared by those who allowed banks to lend to Greece’s government against basically no capital at all… and thereby fueled its over indebtedness. At the end of the day, in my view, it was the Basel Committee who did Greece in.

@PerKurowski