Simon Wrenn-Lewis of Oxford Univ keeps a close eye on the EZ crisis and particularly on its Greek dimension.
Greek governments in the years before the recession
behaved very badly in both economic and political terms
As a result, when the recession hit, the Greek government’s finances became untenable,,,,,,,,,,
understandable why the Greek government did not want a complete default..........
The Greek government’s position is no longer unsustainable because it is
spending more than it is receiving in taxes. It is unsustainable
because it cannot afford to pay the interest on its debtsThe whole piece is worth reading until mastered.