Someone pointed out that history doesn't repeat itself but it does rhyme.

Many years ago, Mike Milken heard a strongly-worded speech from the finance minister of a nation whose debt was trading at 30% or 40% of face value. The finance minister was vehemently proclaiming that his country would repay all of its debt at 100% of face value. Milken took him aside after the speech and said something like, "Why don't you just buy it all back on the open market at 30%?" Of course the problem is that such purchases, if large enough, would drive up the price...but those are mere details.

Flash forward to today's Wall Street Journal. Turns out that Greek debt is trading between 10 and 20 cents per euro and a 33-year old scion of a Greek Shipping family, Peter Nomikos, has a new campaign for Greeks everywhere to buy the debt and retire it. Of course I am skeptical, but I like the thinking. From the story:

"Greece had 280 billion euros ($351 billion) in debt as of March 31. But much of that debt is trading between 10 and 20 cents on the euro. With an estimated 16 million people who identify as Greek around the world, Mr. Nomikos figures it would take about "a grand a Greek"--or 1,000 euros per head--to materially reduce the nation's debt load.

His take so far: 273,000 euros, a mere rounding error in terms of the total debt--and most of that amount came from his wealthy family and friends."