On Greece

The Elegant Simplicity Of The Greek Conundrum - The Automatic Earth:

A couple of points for those socialist-hating "Real-Uhmeracuns"

I’m not saying the present day US is some sort of Nirvana, but at least it got its basic fiscal principles down early in the game. There’s a means for the federal government to lift up the poorer parts of the union using tax revenues from the richer. And no, that’s not socialism, it’s the only way to keep the better part of an entire continent tied together.

And

The Greek people haven’t “lived beyond their means for a long time”, or they wouldn’t live in their “hideous humanitarian crisis”, as Varoufakis calls it, to begin with. The Greek elite may have made off like bandits, but not the people. And who did the EU, Schäuble, Dijsselbloem and Draghi, make the deals with that got the situation where it is? 

That’s right, the elites. 

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