Re: It's a pity and travesty
Yes, successive Greek governments have been criminally stupid and the Greek people are paying the price for their collective cowardice and stupidity in electing such people. However German Banks have been equally stupid and, may I say it, corrupt in lending money that stands no chance of being repaid. What were they thinking? Where they just too stupid to realize that a debt of 4* GDP stands no chance of being repaid, or did they just not care. "That is OK, we are too big to fail, someone will bail us out, someone will make sure we are OK." If the Greeks are to suffer so should the Banks who have acted with equal, if not greater stupidity. I think the Greeks should be given 70% debt write off.
Inflicting grinding poverty is what The Allies did after WWI, and look where that led. The UK government tried in in the 1920s and the policy failed, it just led to a decade of suffering and poverty. The US tried it too, till Roosevelt's New Deal. If it had not been for him, and the resulting vibrant US economy WWII would have been very different indeed. Why do we keep on repeating stupidities.