Will Spain Leave The Eurozone?
By Avery Goodman: Most people are worried about the eurozone, but are concentrating their attention mostly on Greece. A decade ago, the former Greek government defrauded its way into the eurozone, with help from two American derivatives dealers. Using a financial instrument known as a "swap", the dealers helped the then-Greek government "cook" the books. This has caused immense trouble for the eurozone.As everyone now knows, the Greek government is an example of moral hazard gone wild. A decade ago, in order to facilitate entrance into the eurozone, a large part of Greek debt was placed off the official balance sheet. Then, upon entry, foolish European bankers showered the Greek government with all the money a politician could dream of. Greece spent hundreds of billions of dollars it didn't have. It enacted huge social giveaways it couldn't pay for. When European bankers finally wanted to be repaid, the Greek economy began toComplete Story »
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