Beware of Greeks Bearing Debt

It seems some billionaire Greek shipping tycoon has hit on the novel plan of buying up Greek debt at 12 Euro pennies on the Euro with, he claims, the long term goal of forgiving all the debt. He claims that if each Greek contributes 3,000 Euros they can buy up all the debt and then forgive themselves. He has not as yet forgiven any of the debt because that, he says, would drive the price of the debt up.

Should it be that this an actual, as opposed to Trojan, gift horse, it is a pretty nifty idea.