A collapsing house of cards

By Costis Fafoutis One of the unique characteristics of the Greek crisis vis-a-vis the other countries in the eurozone is that what went bankrupt in 2009 was not the banking system, but the state itself. The state borrowed way beyond its means in order to maintain levels of social spending and to pay its employees and pensioners, while at the same time feeding a large part of the private sector. ...

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