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Deconstructing the mess in Greece

It's not just Greece's problem - or fault.

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A banking clusterf***

There are a lot of thing going on right now and how it's all going to be unwound is a mystery.

Goldman Sachs help the Greek government hide its debts - aka commit fraud - so that it could enter the European Union. (Just think of it as a "liar's loan" on steroids.)

Then the ECB and others lent Greece huge amounts of money at relatively low interest rates. The politicians of the former Greek regime were happy to take it. The new government says: "Wait a minute, we're broke. And so are you. And the solution to this is NOT to strip our country of its assets."

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