So the terrible Greek economy is that necessary for the survival of the EU?
Or is it more symbolic in making sure that no country exits?
It seems that Germany is the only EU member that is forking out the money for this bailout.
It also seems that there is great risk that the Greeks will piss away this bailout just like 5 years ago.
Interesting dynamics.
Lotsa banks in other parts of EUroland own Greek debt. They will get it, uh, Greek-style if Greece goes bankrupt. Same with some American banks.
The only questions are:
* Do the banks get any lube before getting Greek (negotiated writeoffs via bailouts)?
* Do the banks get Greek dry & rough (bankruptcy)?
In the former case, the taxpayers from more responsible and productive nations get a good Greeking, too.
As far as DS's comment and the pore, pore Greek people getting duped into voting for spend & borrow commies & socialists who finally ran out of OPM and credit...it is laughable.
The Greeks lived, for a while, like the more productive euros in the north of Europe for a while, but had to borrow to do so. They, like petulant children with explosives, now don't want to pay for what they have consumed and live within their means.