Quote:
Originally Posted by Hugh R
Greece should never had been admitted to the EU. They cooked the books to present favorable balance sheet to Brussels and the voting bloc of the EU. Sure some accounting/finance firms helped them do it, AIG for example. But the Politicians in Greece KNEW the books were cooked. And the voting EU members may have gotten snookered, but that is their fault as well. They should have not so blindly voted them into the EU.
Loans have risks, and the EU is going to have to take a haircut on them. I wouldn't keep loaning money to someone who kept wanting to borrow more, with no concrete plans on repayment of what they had already been loaned.
What is Greece's main source of foreign currency, tourism and a little agriculture. Greece will soon be a very cheap place for a vacation.
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Goldman Sachs cooked the books, but the EU understood the books were cooked. They WANTED everyone in.