One problem with this conveniently simplistic good and evil narrative is the timescale - chosen i presume to be able to blame the Germans. Greece hasn't balanc

One problem with this conveniently simplistic good and evil narrative is the timescale - chosen i presume to be able to blame the Germans. Greece hasn't balanced its books since 1974. Greek levels of government debt has risen faster than the EU average for 30 years. Secondly unless 20% of the Greek adult population are driving brand new BMWs, your thesis does not explain what Greece spent the borrowed money. Yes there was a transfer of private debt to governments but this took place after applying one of the steepest haircuts to holders of government dept in recent times. The only way the other governments could help Greece without having the money swallowed by interest payments was to take over the debt and slash the interest rate on it. You seem to be suggesting the other governments should have stood back and allow Greece to implode with a messy default just so private bondholders take a hit. The fact is they did take a huge hit. We are now seeing the results of two different approaches: one involved painful cuts (austerity) and reform but supported by your economic partners and one (screw all the creditors) resulting in banks running out of cash, economic freeze, looming shortages of medicines and fuel, imminent IOUs instead of money for government workers, etc. Neither pleasant options admittedly but the latter is a catastrophe for the ordinary Greek.