It now appears that Greece will once again be bailed out of its financial morass. A year ago at this time, the world was roiled by the prospect of Greece defaulting on its considerable debts, and only the reluctant decision of the leading members of the European Union – Germany most prominently among them – led to more than $100 billion in loans extended to the Greek government.
Now, after a year of austerity measures that make Washington’s debt discussions look like a debate over whether to order the magnum of Crystal or the 1985 Lafitte, the Greek government once again is in danger of defaulting. And once again, reluctant Germans (who had sworn not to extend one more euro to the profligate Greeks) have agreed that providing more capital to a starved Athens is better than the prospects of a default.
Still, the unanswered question is how can Greece service its debts (let alone repay them) when Συνέχεια →