The Crisis In Europe Has Only Just Begun

[ljm2002]

17. You must have missed this part of my post:

"Yes the deception was bad, and Greece's (conservative) government was complicit. Big time."

Also, Greece's leftist Syriza government has made structural changes. It has not done enough, but they have made real changes. But the real question is why all the benefits accrue to the monied elites while the punishments must be on the shoulders of the peons.

And the answer is, disaster capitalism. The deceptive deal was engineered by Goldman Sachs whether you would like to admit that or not. Why is there no hue and cry to go after them to recover their ill-gotten gains? The ONLY issue that seems to be important to some people, is that the banks must be made whole. Just like in our own 2007-2008 crash.

Do people really think that the banks making loans to Greece had no idea of the risk they were taking? Was there no one in the EU and the IMF who was able to ascertain what was going on there before Greece was admitted? Did they really take a critical look at Greece's books, or were they also overeager?

Regardless of what came before, the fact is they CANNOT pay the debt. The IMF has acknowledged this. How would you suggest the EU squeeze blood from this particular turnip? The new loan goes DIRECTLY to the banks, NOT to the people of Greece. Therefore, their economy will see NO benefit and will continue to spiral downward, making them LESS able to pay back a LARGER loan. How is that going to work out again?