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I just heard about that this morning. Interesting times for Europe. IMHO it seems time that the blame shift from the borrowers some.
One of the biggest problems of modern finance seems to be the extent to which irresponsible lending can go before a correction comes. Greece never had the type of finances that would justify the credit they were afforded when times were good. It was actually German credit by proxy. So of course, the Germans are the ones left with the tab, -it was their credit that underwrote the rationale for the loans after all. For Greeks to suffer so much now is not a defense of the Euro, or Germany, but of a financial system that enabled it.