Argonaut's Norris: Why a Greek default would be no tragedy

As the Greek government once again fails to make a breakthrough in its negotiations with the IMF and EU, Barry Norris, founding partner at Argonaut Capital, argues it is time to let Greece go, especially as a 'Grexit' is much more manageable now

The confrontational scenario between the Syriza-led Greek government and its European Union and International Monetary Fund (IMF) creditors is coming to a head as negotiations once again failed earlier this month. Greece does not have access to funds to meet the €2bn of IMF funding due to be repaid this summer, and the €6.5bn of government bonds scheduled for redemption in July and August (see table).  So unless a third bail-out programme can be agreed with its creditors, Greece will default, with the only question being whether this happens this month on its IMF obligations, or is de...