Well, Greece is certainly different. In corporate terms, we might be comparing a company that has gone bankrupt because the business model wasn't sustainable, and a company that has gone bankrupt through fraud. Greece's numbers were never true.
As for the tax evasion, one need only look at the London housing market, which is being sustained at the top end by Greek cash (yet another "unearned" benefit for London house owners that they will take for granted and as their rightful due, rather than something that may have to be paid back some day) which by all accounts doesn't exist.
One good thing that has come out of this, BTW, is that surely Turkey's hope of joining the EU (and of other non-euro countries within the EU to join the euro) have now been kicked rather more than temporarily into touch.
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Date: 2010-05-03 05:22 pm (UTC)As for the tax evasion, one need only look at the London housing market, which is being sustained at the top end by Greek cash (yet another "unearned" benefit for London house owners that they will take for granted and as their rightful due, rather than something that may have to be paid back some day) which by all accounts doesn't exist.
One good thing that has come out of this, BTW, is that surely Turkey's hope of joining the EU (and of other non-euro countries within the EU to join the euro) have now been kicked rather more than temporarily into touch.
More below, in answer to Pete D.