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The EU lured all the Mediterranean countries with sudden cheap credit and currency stability. But they didn't think of the consequences. Too cheap credit brings
by alecco 8y ago
The EU lured all the Mediterranean countries with sudden cheap credit and currency stability. But they didn't think of the consequences. Too cheap credit brings inefficiency and breeds corruption.
There was a reason those countries had bad rates before joining. And most of the causes of those issues were swept under the rug. Now who is going to pay for the consequences?
- tonyedgecombe 8y agoIf only we could wind the clock back ... But we can't so have to deal with what is in front of us right now.
- everybodyknows 8y agoOkay ... but who is "they"? A few individual, grey-haired heads, filled with the history of similar fiascos, did think of consequences: https://en.m.wikipedia.org/wiki/Latin_Monetary_Union https://en.m.wikipedia.org/wiki/Latin_Monetary_Union But the levers of political power were, then as now, in hands guided not by stale history, but by fresh opportunity for self-advancement.
- alecco 8y ago> but who is "they"? Everyone involved.