Dangers of the domino effect
If the Greek crisis leads to a new approach, it will have been a crisis worth having
In a nutshell, the Greek bailout means that, in good times, countries like Greece, Ireland and Spain borrow German money to buy German-made BMWs, which is obviously excellent news for Germany. However, in times of crisis, we send Germany the bill, which is the payback (a) for us absorbing all the savings the Germans don’t want to spend and (b) for buying their cars and washing machines with their money recycled by our banks....
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