All very true, but the banks should never have lent them the money. They Greeks cannot change, they have been like this for generations. Best to just let them sort themselves out, or not.
The banks wanted to lend thinking that their governments would back them if they got into trouble.
In any case the deal that has been agreed to is not sustainable. Greece would still have a debt to GDP level of 120% in 2020, so lots of pain for no gain.
Best to just end it all now.
Pity about the Euro. Dumbest idea ever. It fails to allow different countries to adjust flexibly to changing economic circumstances. Best to also let it die.
There is a need for massive reform across Europe - reduce the social welfare state and regulation. Without that much of Europe (including the UK) will lurch from crisis to crisis as its population ages.
