markokocic: when you say that some countries "spent more than they have," what do you mean?
I ask because, with the exception of Greece, the governments of countries in the Euro zone's periphery were not profligate prior to the crisis. That's right, their governments were not profligate. Look at the data, not at the propaganda.[1]
The private sectors of those countries, however, borrowed aggressively from the likes of German banks to finance unsustainable consumption and housing bubbles. And German bankers aggressively financed those bubbles.
I ask because, with the exception of Greece, the governments of countries in the Euro zone's periphery were not profligate prior to the crisis. That's right, their governments were not profligate. Look at the data, not at the propaganda.[1]
The private sectors of those countries, however, borrowed aggressively from the likes of German banks to finance unsustainable consumption and housing bubbles. And German bankers aggressively financed those bubbles.
[1] Read this, for instance: http://www.cepr.net/index.php/blogs/beat-the-press/the-myth-...