Bass Ackwards Redux
I have been claiming that Greece is not ruining the Euro, but that the Euro ruined Greece. Now, compulsive tweeter Felix Salmon provides a provocative tidbit in support of this thesis:
"Greece had a primary budget surplus for every year from 1992 to 2000"
In other words, joining the Euro somehow got lenders to believe that Greece was no longer Greece.
People, they (the lenders) deserve whatever haircut they end up getting.