2015-05-04ritholtz.com

``Greece came into the euro with faulty data and then revised after entry. And there was no way to deal with a prevaricating new member. So the euro system powers at the time bit the bullet. Then Greek debt was downgraded. Again the euro system leaders allowed rule changes. Then Greece defaulted. Euro system leaders extracted penalties and extended more financing. Now the game is played again. I also would note that when Greece did restate and revise its GDP in order to comply with the required level, it did so by raising the services portion. When you dig into that detail, the highest upward revisions came in money laundering and prostitution. If the euro system leaders extend more credit, what do you think Greek behavior will be?''



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