Quote:
Originally Posted by nomadking
What was the Greek share for rescuing their country? Perhaps if the banks hadn't been asked to take 50% losses on Greek debt, then matbe the Cypriot banks would have been in better shape and it could of prevented all this bother.
Just wait until the Spanish banks(especially the local ones, the caja) finally reveal their true levels of debt.
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I believe Greece privated some assets that were they owned and could make substantial savings by having an austerity program. They had generous entitlements and low tax revenues (because people weren't paying tax) so could come up with a plan to raise their contribution. Remember though that a bunch of creditors that to write off their money as well and, as you say, that included Cyprus.
Greece though had some advantages. They were big enough to bring down the Eurozone. Cyprus were not and there was little exposure to their debt to bring down banks elsewhere, they also had the disadvantage of increasingly bailout fatigue in the other European Countries.