The Greek debt crisis has had world markets in turmoil for months as the western world tries to come to grips with a sovereign debt crisis which is shaking the foundations of the Euro. Greece borrowed its way to a measure of prosperity which it couldn’t afford to repay. While many lunatics on the American Right keep using it as an excuse to cut federal spending the Greek and American situations have nothing in common. Greece cannot repay its debt while the U.S. can. Greece didn’t use its debt to finance tax cuts for the rich, corporate tax loopholes for corporations and to finance foreign wars as America did.
Bankers readily financed the Greek debt without, apparently, doing due diligence. The business practice of only lending to credit worthy borrowers got tossed out the window and now the banks want everyone else to pony up for their failures. Where is the banker’s responsibility in all this? When any business accepts risks they gamble on possibly losing their investment. These bankers made horrendously bad decisions issuing loans to Greece yet don’t accept responsibility for those bad moves. Why should world governments continue bailing out banks for bad business decisions?
Enough is enough.