frostbite
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From that article:
However, France and Germany broke the very rules that they had insisted on for everyone else.
Germany, the great European financial disciplinarian, was struggling because the cost of reunification with the former East Germany had left a big hole in its budget.
Mr Von Kyaw admits that Germany's government "really sinned".
Well, "not a real sin" he adds - Germany just "flexibilised the schedules."
"But when a big country does that, how can you afterwards impose on smaller countries, including Greece, to obey the rules?" he concedes.
And that affected the way Greece viewed the consequences of breaking the rules.
Greece had a few 30-year old loans expiring between 2008 and 2010, and unfortunately it was very bad timing due to the world recession, and the interest rates to renew those were high. This created a (minor at the time) credit problem for Greece. Greece also had a huge housing sector because many people from the EU were buying houses in Greece, but then they stopped because of the 2008 crisis. So, the combination of these two problems created a very serious problem for the Greek banking system, they needed 30 billion in a relatively short time.
That was the beginning of the economic crisis for Greece in 2010.
Then Germany started calling Greece corrupt, asked for direct oversight, demanded that Greece should seek help from IMF, demanded that Greece changes their accounting system, and so on, and the crisis exploded. The Greek Prime Minister said that if this is the solution, then perhaps it is better to get out of the Eurozone. This was stupid, because it made the credit problem much worse. The next day the parliament voted him out! That was the start of the discussion for Grexit, long before the Brexit. This made a huge mess because everyone was scared about the future and all economic activity basically stopped. The banks did not give any loans any more and started demanding repayment for all old loans, using loopholes in the contracts. Everyday life for all small businesses in Greece was hell, and many small companies collapsed.
At the same time, USA was printing trillions. The 30 billion that Greece needed at the time was peanuts and the European Central Bank could easily provide with low interest loans in 2010. But Germany did not want to help, they wanted to punish Greece, and they did not want to let the Central Bank print money or give loans. And the Greek economy collapsed because this was going on for YEARS! And the cost of the final bailout was almost 10 times as much, because the crisis lasted 6 years. The 2010 bailout was only 30 billion. Germany has a GDP of 4 trillion, and they made a big fuss about 30 billion!!! And it was fecking LOANS, Germany did not give free money to Greece.
Of course, later the European Central Bank printed trillions, but this was after the Greek economy collapsed, it was too late for Greece.
(Sorry for the off topic, but many people do not have any idea what actually happened and we have the forum Germans that keep calling Greece corrupt... )