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Lest we forget: unlike for example Spain, Greece did have really crappy public finances, deficits and so on, before the crisis.

The other periphery countries had their finances screwed as a result of the crisis, due to lower revenue, higher social costs (that is, good contra-cyclical policy) or retarded bank rescues (Ireland).

Greece is at a greater fault than Italy, Spain etc. But I'm not defending the ECB for a second. I argued Greece should default back in 2008, and I haven't changed my mind.

Peak oil is not an energy crisis. It is a liquid fuel crisis.

by Starvid on Thu Feb 16th, 2012 at 08:09:21 PM EST
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