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So you've described Greece as a bunch of scheming petulant children.

"Our plan to be inaccountable didn't work, so we'll try a different scheme instead".

And yes, it's a huge problem. That's why I called the situation unwinnable.



They could neither fix the problem with the policy tools a country with its own currency would have, nor did they have the automatic support from a central budget a region or state of a country would have.


They couldn't fix the problem because they were a corrupt country refusing to face their reality and which leadership decided to blame EU for not pumping more money into their pockets instead of fixing the structural problems of their rotting country.

Destroying their peoples lives with inflation so they could continue the parade would be even worse for both Greece and EU as a whole.


Greece could have fixed their problems by cutting spending and collecting more taxes (not necessarily higher taxes, but actually collecting the taxes that were owed). Currency inflation was never necessary.


I think they did? At the cost of very slow recovery, which I think is the problem with austerity measures.


Austerity is not a "problem", it's simply the only remaining option when you run out of other people's money.


Countries can inflate their debt away at the cost of eroding savings and new borrowing becoming more expensive, no?

https://www.statbureau.org/en/greece/inflation-charts-yearly


Countries with poor credit struggle to issue debt in their own currency. Being able to inflate your debts away is a privilege of the rich.


Countries can't push that approach very far before new borrowing doesn't just become more expensive, it becomes effectively impossible.


This is a very strange perspective when the simplest solution is to introduce a demurrage euro for automatic equilibrium in the Eurozone.

I know you permanent money people are keen on a dog eat dog world where you trust no one and see everyone around you as a competitor to defeat.


No, the Greeks were cool and calculating, turning an inflating fake fiat currency into hard assets like real estate, while not working or producing anything.

The introduction of the Euro was the start signal for each country to try to inflate as much as they can for their own benefit - since the first inflator gets the best value out of the currency. Idiots are left holding paper currency worth less and less each day. Having to work harder and harder in a never ending spiral.


The Euro had a much better set of inflation controls than most of the previous European currencies. Especially the lire.


Absolutely. But when you inflate your own currency, it is you who have to deal with the consequences. If you inflate everyone's currency you reap all the benefits and leave everybody else with the burden of the consequences.


But part of the setup was that inflation was controlled centrally by the ECB? How are you declaring that national governments inflated it?


Inflation isn't controlled by the ECB. Money is created when banks loan out money. Whether that be to people, companies, or governments (municipalities and so on). That's where all money comes from and how the currency is inflated.

The country which by legislation or by other means makes it easier for banks to lend out money will benefit their own citizens and companies, since they get to be the first spenders of newly created money before it reduces in value. That's how national governments can use inflation for their own benefit within a common currency system. But no government involvement is necessary. If a group of people (in this case the Greeks) are willing to take on extraordinary amounts of debts compared to other groups, then we have the same results.

Remember that all money which was borrowed in the European "debt crisis" went somewhere before the loans couldn't be paid. Somebody benefitted, and the idiots were left to pay.


> So you've described Greece as a bunch of scheming petulant children.

Can you quote where I did that, please?




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