Twee interessante posts elders:
The sense in the german talkshows was: Tsipras will deliberately put in a proposal he knows the creditors won't accept, but that makes it look like he tried.
If Greece is forced out of the eurozone, will the country's debt, valued in euros, still stand?
Here's what I think.
If a case were to be brought before the International Court of Justice, the Greek government will clearly argue that, having been forced out of the zone, it had had only one option: to convert the debt into the new national currency on the first day of such currency's existence at the official rate of exchange on that date. And that if the rate of exchange had subsequently deteriorated, it was simply hard luck on the creditors.
Think about it: the creditors (plaintiffs or defendants in any legal case brought before the ICJ) will be the same parties who had excluded Greece from the eurozone. That being the case, the ICJ will likely lend its support to Greece's arguments.
Doubtless, the creditors will argue that the dispute is governed by a contract rather than by a treaty or international law; in other words, they will dispute the competence of the ICJ to rule on this matter. Will, however, the ICJ accept this argument when the creditors are self-evidently eurozone states whose relationship with Greece within the eurozone, at the time the original credits were given, was one governed not by a contract but by a treaty?