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The other thing that is lost in all of this is that a lot of Greek debt was originally owned by private banks. Over the past several years though most of that
by pmorici 11y ago
The other thing that is lost in all of this is that a lot of Greek debt was originally owned by private banks. Over the past several years though most of that debt was sold off to EU governments transferring all the default risk to EU tax payers.
- branchless 11y agoThis is the takeaway. Private banks lent to corrupt Greek officials. If you don't want to have trouble getting your money back don't lend billions of it to people who probably won't be able to pay it back.