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> Also let's not forget Greece got ~160bn euros in debt relief just 3 years ago. Let's also not forget that most of that debt did not exist a few years earlier
by bildung 11y ago
> Also let's not forget Greece got ~160bn euros in debt relief just 3 years ago.
Let's also not forget that most of that debt did not exist a few years earlier. Yes, Greece had and has a massive tax evasion problem, and debt wasn't exactly low pre-crisis either. But most of the current debt is a result of bank bailouts:
https://en.wikipedia.org/wiki/Greek_government-debt_crisis#/media/File:Greek_debt_and_EU_average_since_1977.png https://en.wikipedia.org/wiki/Greek_government-debt_crisis#/...
- bobcostas55 11y agoI don't think that's an accurate view of things, the causal chain goes the other way. Banks had to be recapitalized because of the PSI, because the Greek default wiped them out. The bailouts were directly caused by the default. And in any case, they had no choice: without the Evil Bank Bailouts Greece would have been left literally without a banking system, that's not really an option.