Friday, May 07, 2010

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.


4 comments:

Anonymous said...

Not an either or situation. The EU has fairly strict fiscal requirements for entry. It's likely Greece was just being on it's best behaviour in order to qualify for monetary union.

Anonymous said...

Or it was cooking the books to get in.

Angus said...

Right, but then, once in, foreign banks seemed to think that Greece was no longer Greece and re-opened the cheap credit spigot.

seslimuhabbet said...

Really trustworthy blog. Please keep updating with great posts like this one. I have booked marked your site and am about to email it to a few friends of mine that I know would enjoy reading
Sesli sohbet Sesli chat
Seslisohbet Seslichat
Sesli sohbet siteleri Sesli chat siteleri
Sesli Chat
Sohbet Sesli siteler
Sohbet siteleri Chat siteleri
Sohbet merkezi chat merkezi
Sesli merkezi sesli Sohbet merkezi
Sesli chat merkezi Sohbetmerkezi
Sesli Sohbet Sesli Chat
SesliSohbet Sesli chat siteleri
Sesli sohbet siteleri SesliChat
Sesli Sesli siteler
Seslimuhabbet sesli muhabbet
sesli sohbet sesli chat siteleri
sesli sohbet siteleri sesli chat
seslisohbet seslichat
seslikent sesli kent
sesli sohbet sesli sohbet siteleri
sesli chat sesli chat siteleri
seslisohbet seslichat