Michael Lewis on the Crisis of Greece
September 7, 2010 4:56 PM Subscribe
"If there were any justice in the world the Greek bankers would be in the streets marching to protest the morals of the ordinary Greek citizen." Michael Lewis investigates Greece's economy.
posted by Bwithh (69 comments total)
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"In Greece the banks didn’t sink the country. The country sank the banks."
In this terrific Vanity Fair piece, Michael Lewis visits Greece and examines a country where the general sense of civil society and trust has broken down, allowing mismanagement of the country's finances and economy on an unbelievably massive scale.
Tax evasion and fraudulent book-keeping is pervasive and generally accepted amongst both the governing elites and the ordinary population. Years ago, Greece joined the Euro while hiding a deficit roughly five times the amount they were allowed under Euro rules. Today, public sector workers are rioting against new austerity measures and a Greek default (or "restructuring") on emergency EU loans seems likely. Meanwhile, the Greek public debate is distracted by the scapegoat-ish real estate scandal of The Holy Monastery of Vatopaidi
Also: Michael Lewis's online Q&A
on this article ("What we are looking at is a morally indignant Germany, which is kind of a new thing. In my lifetime, I can’t remember a time when the Germans were allowed to be self-righteous. And now they are justifiably self-righteous, because everybody screwed them. It is creating a climate where German politicians tell the Greeks they need to sell the Acropolis.")
Previously: Michael Lewis on Iceland's financial meltdown