Just imagine all EU countries have collected more debts than ever in history. Greece has manipulated data to be part of this system. And what did we do we sanctioned their doing. Now imagine, I’m stealing your money, we go to court and you have to learn. Well yes I had all the rights to betray you. What would you think about such kind of system?
Now the Irish want to get another 85 Billion from us. It was one of the soundest systems before the governement decided to “fail” out their banks, I can not see who has put some pistol on their chest saying. “you must keep your banks afloat”. Well you know the argument “there was/is/willnever be a choice. That simply is a lie.
The money for Greece was illegal, there were (and btw. still are laws) which forbid this kind of “credits”. So the choice with Greek was. “Doing nothing”. The choice for the Irish government was “doing nothing”. And in both cases this would have been the better choice. It surely would have signaled to everyone. “you can earn as much money as you like, but you can loose as much as easily”. Now the signal is to every bank or corporation. “Grow as large as possible don’t put any considerations ons sustainability. If it comes bad, you can held a whole country as hostage.”.
What do you think would stop the death-spriral?