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by denton-scratch
1369 days ago
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At one time, there were rules for joining the Euro, things like debt-to-GDP, controls on government spending and so on. Germany and France, in particular, pressed for the southern countries to be admitted, despite the well-known fact that they didn't meet those conditions. They had large pension and state-payroll obligations, and they couldn't cut that spending and stay in power. Greece tried to cut it's spending, and the government was ejected. The new socialist government was then destroyed by German bankers and politicians. |
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