Quote:
Originally Posted by red-beard
Goldman Sachs cooked the books, but the EU understood the books were cooked. They WANTED everyone in.
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And the Greeks wanted in, it was a win. win, win for everybody until the bills came due.
They (EU/Greece/banks) might be able to kick the can a little farther down the road once again, but will of course have an even bigger debt/problem with a worse economy when the money runs out again in a few years.
Unfortunately Greece is the first of the Nations that will face this reality. The other Nations are watching how this plays out so they know what to do for their turn.
Just like drug addicts, rock bottom has to be met before a fix can really be implemented. Hopefully that will not be violent. just really uncomfortable.
"Free" money is the drug of economies, it will poison them till they shake the habit and stand on their own.