Speculation against sovereign debt is the root cause? Have you considered profligate government spending? Using currency swaps to hide deficits with the help o

Speculation against sovereign debt is the root cause? Have you considered profligate government spending? Using currency swaps to hide deficits with the help of Goldman Sachs? It wasn't speculators who pushed Greece's deficit up to 13%. "Speculators" is the straw man of European politicians, who don't want to admit blame (not something confined to European politicians). Then there is also the fact that when traditionally high interest-rate countries like Spain and Ireland entered the Eurozone, cheap financing was available for the first time. This resulted in a housing/construction boom and then crash. All the taxes from property development and services evaporated, which makes it harder to service debt.