Even though this whiteboard animation is from 2012, it’s still mostly accurate.
My only quibbles would be:
It doesn’t mention how Greece lied about it’s finances to get into the Euro in the first place.
It doesn’t discuss what that debt was spent on, i.e., mainly an overly generous and unsustainable welfare state.
Because it was made in 2012, it overstates how exposed European banks will be to a Greek default. By now, banks and insiders have managed to offload the vast majority of their default exposure to Greek default onto the European taxpayer (which, of course, was the real primary purpose of the bailout).
But it gets the big picture right, namely how out-of-control debt destroys nations…
This entry was posted on Sunday, June 21st, 2015 at 10:28 AM and is filed under Budget, video. You can follow any responses to this entry through the RSS 2.0 feed.
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