Pity the people of Greece.
Those folks have been screwed over by everybody. And tomorrow, no matter how they vote in this supposedly critical referendum, they’re gonna get screwed again.
And yet in most of the articles on this debacle that I read, I run into the conventional framing of this story, which still dominates coverage of Greece despite the fact that it’s total bullshit. I’m referring to the wrong-headed notion that the people of Greece somehow brought this on themselves, and that if they had only been more disciplined and responsible, they wouldn’t be in such a desperate fix.
So I wanted to take this opportunity, on the eve of a vote that nobody quite understands, to point out how guiltless the people of Greece are.
The essence of the story of this debt crisis, in fact, is that the Greek people have been fucked over by pretty much everybody.
They were enticed into the eurozone by what turned out to be fantasy promises by an institution whose architecture was pretty much designed to fail. European bureaucrats, Greek politicians, and French and German bankers were well aware that Greece was a risky proposition, but they were willing to look the other way because there was money to be made: Continue Reading