Quote:
Originally Posted by Lchoy
How did it get so bad in Greece, and by extension Portugal and Ireland? Wouldn't the Greek government and the EU finance Ministers pointed out a long time ago that the Greek were living beyond their means and this was unsustainable?
From the article, I can see how the Germans and Chinese feel the way they do
EDIT: The above diagram explains things for me
|
Greece cooked the books to join the Euro. Ireland would have been relatively ok had Brian Lenihan (Irish Finance Minister) not given a Government guarantee to all deposits and toxic assets held by Irish banks.
Italy always was a basket case and now that the Greeks are sure to default if the referendum goes ahead, they are likely to see their finance costs rocket creating a whole world of trouble for the EU.