3 ms·

Greece effectively lied its way into the EU. It doesn't exactly leave much place for any moral appeals. [1] https://en.wikipedia.org/wiki/Greek_Financial_Audit

• tptacek 11y ago
  From what I've read, that appears to be a lie agreed upon: private banks in Europe had a major profit interest in securing speculative Greek debt.
  • haberman 11y ago
    This would seem to be a core evil of the situation: investors chased risky money but are apparently not expected to be capable of weathering a Greek default. The risk/reward curve is the fundamental idea of investment. If we privatize reward but nationalize risk, the cost of bonds/mortgages/etc. will never reflect reality. I shudder to think of a system where governments are implicitly assumed to insure everything that's "too big to fail."
• aikah 11y ago
  "lied". The rest of Europe knew very well that Greek books were cooked. They went along because the Euro is an ideology. It's destined to fail and it's going to fail. Like every attempts at a common currency. It doesn't work and Europeans are going to pay the price of that insanity. That's why I decided to leave the EU. That thing is so doomed.