Greek Crisis: Why Greece’s Lenders Need to Suffer

Sustainable Development, Economy & Democracy

These first excerpts from an article by Adam Davidson published in The New York Times Magazine on 28 July 2015 deserves the closest attention of anyone who wishes to have a balanced understanding of the events shaping what we call here the “Greek crisis”.

Bond traders goldman SachsThere is definitive proof, for anyone willing to look, that Greece is not solely or even primarily responsible for its own financial crisis. The proof is not especially exciting: It is a single bond, with the identification code GR0133004177. But a consideration of this bond should end, permanently, any discussion of Greece’s crisis as a moral failing on the part of the Greeks.

GR0133004177 is the technical name for a bond the Greek government sold on Nov. 10, 2009, in a public auction. Every business day, governments and companies hold auctions like this; it is how they borrow money. Bond auctions, though, are not at all…

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