The main problem is that governments in creditor countries, with Germany being the key one, have systematically misled their people. Their so-called bailout programs for Greece were never primarily a bailout of the Greek people.

Instead, they were foremost a bailout of German and French banks, the masters of irresponsible lending in Europe and abroad. The German government had put German taxpayers on the hook for the banks' colossal losses suffered in the context of the US "subprime crisis." They were too scared of going back to them for more of the same when Greece then faltered....

German Chancellor Angela Merkel will finally need to explain to the German people what really went wrong with the euro and that the matter is truly one of shared responsibility. Failure to end Europe's euro disgrace, the ongoing humanitarian crisis in Greece, is bound to turn the euro itself into Europe's disgrace.

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