A tough question (I want to draw attention also from Keep Talking Greece asking politely how this matter is handled in Greek media, because I have still difficulties to follow the Greek news):
If The ECB now concludes that Greek banking system or Greek government is rather to be considered as insolvent and not only having temporary liquidity problems, doesn't it mean that the government who has been working on this topic for years (i.e. Samaras' government) has failed badly to bring the Greece out of crisis?
Or is there a possibility that Greece was not solvent in the first place, but before everyone just pretended Greece to be solvent? If this is the case, it gets serious, not only because it is immoral, but also against law in western economies. It is illegal to deny insolvency, because the creditors have also rights to have authentic information not to be pouring funds into a ponzi scheme while they are thinking making an investment.
I feel it unfair to unload all the current problems into the shoulders of this fledling government, which has not had even time to sort out the problems due to constant harrassment of outside bodies.
If The ECB now concludes that Greek banking system or Greek government is rather to be considered as insolvent and not only having temporary liquidity problems, doesn't it mean that the government who has been working on this topic for years (i.e. Samaras' government) has failed badly to bring the Greece out of crisis?
Or is there a possibility that Greece was not solvent in the first place, but before everyone just pretended Greece to be solvent? If this is the case, it gets serious, not only because it is immoral, but also against law in western economies. It is illegal to deny insolvency, because the creditors have also rights to have authentic information not to be pouring funds into a ponzi scheme while they are thinking making an investment.
I feel it unfair to unload all the current problems into the shoulders of this fledling government, which has not had even time to sort out the problems due to constant harrassment of outside bodies.
Me:
So now, it is not the fault of the fathers of the monetary union. Or the European Central Bank's collateral policy. Or those who accepted Greece into the union. Or those who were supposed to monitor adherence to the union's criteria. The German or French banks who lent money to Greece's banks and its government.
Pretty soon it will not even be the fault of the European Stability Mechanism, the EU Commission, the International Monetary Fund or the national leaders who took Greek bonds from the hands of the Franco-German banks and put them under the responsibility of the European taxpayers.
It will not be the fault of the Greek governments of the past 30 years. It is only the fault of "extreme" parties, left or right, specifically Greece's Syriza, and its leader Tsipras, and its chief negotiator Varoufakis.
Everyone knows a crime has happened, and hundreds of billions of euros have been stolen or lost. It is only a question of finding the usual suspects, the convenient crooks.