[Cronos]

interesting article!

[Cronos]

GGG ping?

also note that the author does point out that though Syracuse is on Sicily it was a Greek city-state at that time

[fortheDeclaration]

But it’s interesting that even a tyrant like Dionysius thought it preferable to devalue the currency by half rather than repay only half the nominal value of his debts.

Either way, he was a thief as well as a tyrant.

[YankeeReb]

2600 years later and politicians haven’t changed a bit. :-(

[agere_contra]

Other than that, Dionysius of Syracuse, how did you enjoy the play?

[RochesterFan]

Note the footnote in the parent article:

*Yes, Syracuse is in present-day Sicily, but it was a Greek city at the time.

Guess that makes Dionysius the first wise guy too. Always did think that politicians and their crony Banksters were like the mob with legal protection...

[no-to-illegals]

from the article (first paragraph):
The blade of sovereign default is hanging unsteadily over the neck of the euro zone. Greece will be first - of this investors are certain. But fears are rising that Ireland and Portugal will follow soon after.

Not being a financial expert (by any stretch of any imagination) could interpret only a question regarding the article (and may not be relevant). Noticed Italy, and Spain are not listed in the third sentence (above). Does this mean Italy and Spain are out of danger (doubtful) or did the mention of the euro zone stated (by the author) the author believes the euro zone members are (all) headed for default and each will eventually be forced to go the way of Greece (in the author's opinion)?

Sorry Cronos for a question comment. The first paragraph placed a question in my thoughts. Wishing I was more literate on the matters regarding the euro zone. Thanks for the ping.

[odds]

3 words only: Asset versus Risk.

[conservatism_IS_compassion]

But it’s interesting that even a tyrant like Dionysius thought it preferable to devalue the currency by half rather than repay only half the nominal value of his debts.

That speaks to the ease of dealing with over-indebtedness through inflation rather than nominal haircuts. Perhaps Dionysius would have faced a popular revolt had he refused to repay the face value of the notes.

Stamping

He then reminted every coin, turning each one-drachma coin into a two-drachmae coin.

'Twas ever thus - what politician would prefer to default when he can simply lie?

Even tho the lie be right in front of the people in black and white - everyone knew that the "new two-drachmae coin" was nothing other than an old one-drachma coin with a "2" marked on it.