'Memorandum Macht Frei'. Greece loves The EU/ECB/IMF Fiscal Solution.

[WCGreen]

7. The problem with Greece is that it is essentially a third world economy that was

made to look to potential investors as being just as dynamic as Germany and France.

Greece never had a fully function modern western economy.

Remember, they were under foreign occupation for over a thousand years.

It wasn't until the mid 1800's that they became independent.

What was left was a denuded agrarian economy that depended on tourists and the sale of antiquities.

When the Turks left, they took all their wealth as an occupying force usually does.

The population dropped below one million down from more than two million under the occupation.

Britain came in and took what was left of Athenian public art.

That background has a lot to do with why they are the way they are.

A deep distrust of Government of any kind and a culture built on skirting regulations with the development of a vibrant black market that was incorporated into the culture of government. Kick backs and such.

I know this is superficial but it does explain, to me at least, why Goldman Sachs was able to snooker people into investing in Greek bonds as well as the Greek political leaders went along with all of this.

Conmen dealing with conmen.