Chris Black concludes that a “court would also have to consider whether the contract was ever valid in the first place; that is – did both sides get real consideration for their part in the bargain….It is clear that the moneys lent did not actually flow into the Greek economy but were nominal loans to the Greek nation, but actually went from one lenders bank to another and back again, so that it was really a scam to steal the wealth of the Greek people…. The Greek could legally argue their way out of all these contracts and loans, but of course behind the contracts sits the German army and behind them the US army – and so it not (so much) a legal matter but a political one. Argentina and Iceland made a political decision and repudiated these contracts. Greece can do the same.”
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