Not Germany but all Euro zone countries helped Greece, article 125 forbids bailouts by the ECB and the national central banks as an automatism, article 122 allows the national governments to help in crisis. National bankruptcy is no fun! After an uncontrolled Grexit Greece would be as poor as Albania.
Greece would always be as poor as Albania, it's their destiny. If the EU wants to be like Germany, cut off the loser countries.
sometimes a bailout is far better than the consequences of not bailing out like in the case of our housing collapse and Greece.
As I understand it. Greece can void the loan. The problem with this however, the consequences of this...is no one will lend to them again if they do. Which wouldn't be a problem but for all the state pensions and teachers and govt service that they can't pay for currently. Short answer: They run a govt deficit. They need to borrow more. And no one in his right mind lends to a bloke who just defaulted yesterday. It's real money at the end of the day. It's not a statistic. I won't let you lend my life savings to the Greek govt. I'll take it out of your bank and put it in another. It ain't happening. And this trend happens across the economy. It's not just me. The credit dries up. Has dried up. IMF asks Greeces creditors to wave the debt and promises to lend more to Greece if they do. EU is having talks for a new bailout. Essentially Greece is bust and all the creditors are umming and erring. All hoping the other one can be guilted into putting his hand in his pocket first. Everyone has noticed that Germany seems like a rich country and want them to stick their hands in their pockets for Greece again. Because Hitler. But Germans don't want to lend their life savings to Greece either. Because, well ? It's their life savings, FFS. It is pointless for me to become as poor as the Greeks in solidarity. Not helping anything really. It all boils down to this. Can a Greek make better use of my money than I can? And the answer is... by the looks of it? No. They suck at money. Send them food and blankets. Physicals goods, medecines, love. Go there and donate your labour. Do not under any circumstances, give them money.
the Greeks are libcommies so it will be hard for them to get their economy running. American liberals are responsible for liberalism being so well tolerated across the globe.
