There is something I completely missed in this piece: the distinction between public and private debt. For public debt, there is a single agent that decides: the Government, that is elected democratically. How does the "there is no Spain" argument apply to that?
you are right. And the same applies in the other way. If most of the lenders are in Germany or some other country, of course they are going to be annoyed if Greece defaults.
Unfortunately, the length and tone of the article are going to convince many people that the author was on to something.
