Regretfully, we are bankrupt

July 01, 2015

Charilaos Trikoupis was a multi-term Prime Minister of Greece in the late 1800’s. Following a default on debt from Britain, France and Germany (among other finance houses in London) Trikoupis took the stand and announced to his peers “Regretfully, we are bankrupt”1.

Greece just passed the IMF deadline for repayment, effectively defaulting on their soverign debt. It’s still to be determined how long Greek banks will be open without additional support, so it comes into question whether Alex Tsipras will have to stand up and own a term used long ago by his peer. We hope not.