The crisis in Greece is apparently something no one cares about anymore. Someone’s bound to figure this thing out, we feel, because for goodness sake, this thing has been going around for the last four years already. For years, Greece has been on the edge of insolvency. Initially markets were hugely spooked, at this tiny nation’s distress, because tiny it may be but the banks that held its debt were even more on the edge and a “default” by a nation would simply render them bankrupt. Which would have been a bigger problem. The story of Greece would introduce heavy volatility, so much that we even wrote a satirical piece on it. Since then, Greece has been bailed out more than once, and has seen severe austerity hurt its citizens. Having voted in a government that has promised to rework the deal and undo austerity, Greece is now faced with a European Union that simply will not listen because if it did, other countries would demand the same thing and that would kill the banks.… (Read On…)
[via Capital MindCapital Mind]
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