The Greeks have a record of welshing on their debts going back a millennium.
The world was astonished by the incompetence with which the Greek economy was being run when, in the wake of the financial crisis, Greek Debt threatened to scupper the Euro.
And then a couple of weeks back they borrow $4 billion.
And not even at a particularly high rate of interest – 4.75%.
So what kind of idiot buys Greek Debt? Obviously someone who doesn’t care if it’s not repaid.
Someone who knows they’ll get bailed out if things go wrong.
Someone like a banker.
It’s seems they learn nothing and remember nothing.
We all know the bankers reckon they did nothing wrong in the run-up to 2008. It now seems that they’ve forgotten what they did in the run-up to 2008.
We’d feel less threatened by Greeks bearing begging bowls if the government guarantee underpinning investment banking was removed.