Socialist PASOK Party leader and Vice President of the Coalition Government, Evangelos Venizelos, said that the only solution to the issue of Greek debt is “a national negotiation in a spirit of unity and consent” in a blog post that appeared on Sunday on his own personal web page. “Everything else leads to either complete withdrawal, or catastrophe for no reason and after so many sacrifices,” he wrote.

His post was motivated by the bankruptcy of Argentina. He compares the two countries coming to the conclusion that there are many, large differences between them.

He noted that the markets already believe in the sustainability of the Greek debt, judging from the foreign investors’ participation in the two bond issues Greece successfully conducted in the post-haircut period, both in the last few months.

Argentina’s paradigm primarily “stands to remind us of the boundaries to unilateral actions related to the management of any country’s public debt,” he says, while highlighting “the importance of participating in a strong regional union, just like the European Union and especially the euro-zone”.

He noted that currently European and international institutions hold 82% of the Greek debt, a share expected to rise to 87% shortly.