Europe’s problems may have been sparked by the general tightening of 2008, but how poorly the Greek crisis was handled was an own goal. The IMF already recogniz

Europe’s problems may have been sparked by the general tightening of 2008, but how poorly the Greek crisis was handled was an own goal. The IMF already recognized how counterproductive insisting on austerity was, it was mostly at EU and German insistence that they doggedly went on with it. Also, the EU still does not have a cross border deposit scheme or Eurobonds, so it’s a matter of not if but when the next country gets underwater.