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In reply to the discussion: They're teargassing the people so that the markets can win [View all]girl gone mad
(20,634 posts)A couple of Greek politicians conspired with Goldman Sachs to purchase currency swaps to reduce the apparent debt level, but a subsequent audit showed Greece had clearly met the qualifications for entry into the EMU.
The major problem for Greece is that they adopted the Euro at a punishingly uncompetitive exchange rate (arranged to favor their powerful trade partner Germany) and were thus forced to borrow in a non-sovereign currency simply to maintain their basic standard of living. Greeks work harder than most Europeans and receive fewer benefits.
It's absurd to blame this manufactured crisis on the Greek workers or to imagine they should be forced to suffer and endure a severe economic depression and unnecessary hardship as punishment for the failed Eurozone project their leaders embarked upon. How far American liberalism has fallen. FDR must be rolling over in his grave.