Your analysis is terrible and full borderline racist crap. First of all. The EU is responsable for Greece having such low bond yields to begin with (back in pr

Your analysis is terrible and full borderline racist crap. First of all. The EU is responsable for Greece having such low bond yields to begin with (back in pre-2008). This was a direct effect of the widely held believe that debt would be common to the EU. This gave a lot of countries bad incentives. When it became clear that debt was not held in common, mayhem ... Then they did not let Greece default. German banks did not actually hold that many Greek assets, but they acquired more and more. The ECB equally started to accept bad Greek bonds as collateral. The German banks made deliberately bad investments because they believe the government would pay it. You can now of course argue evil banks, but the real problem is the constraints on Greece. During the gold standard times it was actually common that countries could default and then come back. > How would you like it if you lent someone money, and they purposely defaulted, with the intent of not paying you back? They did not purposely default. They literally could not lend anymore money and could not pay back. They only were in this problem in the first place because they had the such low bond yield and now had to refinance with bond yields having reason 4x. Notice the red line: https://inthelongrunwerealldead.files.wordpress.com/2014/04/europe-bond-yields-1993-2011.png https://inthelongrunwerealldead.files.wordpress.com/2014/04/... Just to make it clear, the Greek have a shitty system and they are a terrible government that should have never be let into the EU. But the EU is equally a total shit show and they are largely responsable for the collective trouble.