> In the case of Greece, things are so broken that reform is very hard, but at least their suffering serves as a warning to others who thing they can get away w

> In the case of Greece, things are so broken that reform is very hard, but at least their suffering serves as a warning to others who thing they can get away with it in the long term. Their suffering and other countries suffering are empowering extremism around Europe. And the lesson people learn is to not trust the government and to not trust economists. And they learn that for good reasons. To punish people to make them learn does not work. Dog trainers have known for long that punishing dogs to change their behaviour only create abnormal behaviour. It is even worse. As citizens have been punished while bankers, the main culprits, have been saved creating a dangerous moral hazard. I agree with the post that "made a series of calamitous misjudgments in Greece, became euphoric cheerleaders for the euro project, ignored warning signs of impending crisis, and collectively failed to grasp an elemental concept of currency theory".