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Well, Spain et al mismanaged their private sector solvency just as badly as Greece allegedly mismanaged its public sector. A mismanagement I still don't see that much evidence of, to be honest. Barring retaliatory wage suppression, which is the ultimate in irresponsible short-term begger-thy-neighbour policy, they were really in a pick-your-poison type of scenario between a run on their public bonds or a run on their private banks. That Greece picked the former rather than the latter does not make them any more or less virtuous.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Feb 17th, 2012 at 03:01:44 AM EST
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