If your going to play the role of political mandarin, as Mr. Wolf does in his essay, then what is called for is a complete honesty! Of course the tiresome but obligatory Anti-Left hysterics lead the way, Syriza, followed by a timely reminder of the shameful record of Germans as serial defaulter. Yet one of the primary bad actors in the Greek Crisis remains outside the ken of Mr. Wolf? And just off stage in this melodrama! Perhaps a reminder is in order?
Greek Debt Crisis: How Goldman Sachs Helped Greece to Mask its True Debt
Goldman Sachs helped the Greek government to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht deficit rules. At some point the so-called cross currency swaps will mature, and swell the country’s already bloated deficit.