In 2010, the Greek state ceased to be able to service its debt. Unfortunately, European officials decided to pretend that this problem could be overcome by means of the largest loan in history on condition of fiscal austerity that would, with mathematical precision, shrink the national income from which both new and old loans must be paid. An insolvency problem was thus dealt with as if it were a case of illiquidity.

Oops. It appears the writer's followed up an introduction on morality by blaming Europe for Greece's problems ._.

Unless I've severely misunderstood the issue since 2010, maybe it would be wiser to admit a historical period of weakness for Greece and it's economy, and assuage the German "bigotry" by being upfront about the needs at hand.