If you haven't given up whatever interest you once had in the long-running drama that is Greece, I have a link to a sensible analysis of it from Bloomberg View's Megan McArdle. She writes what many have concluded: Greece never should have been permitted in the euro zone.
Living within their means is not in the Greek DNA. Greek voters literally demand more government than they are willing to pay for in taxes. Sounds like Argentina, doesnt it? Loaning such countries money is a mug's game, even at high rates of interest.
When Greece joined the euro, Greece's creditors swapped the danger of inflation for the danger of default. Now they face a "haircut" that will cost them plenty, and the Greek nation faces a period of post-euro inflation as the hapless government devalues the currency.
