Nelderini ...
Interesting story, let's tell another one that can be seen from any window:
Europe is broke because the primary activity of Europeans has been driving a car. The entire enterprise was built around cars, just like the US ... same as Japan, Russia, Brazil and China. By enterprise is meant real estate, insurance, finance, manufacturing, military, advertising ... just about everything besides agriculture. The problem is the central activity does not pay for itself. Neither the fuel nor the car can be paid for by driving the car, funds must be borrowed, instead. More funds must be borrowed to subsidize industrial enterprises that also cannot pay for themselves ... all of them.
How much is borrowed? Hundreds of trillions of dollars, euros, RMB, yen ... rials, you name it. Who can pay? That is the question of the now. The answer is nobody, Nobody can lend either, all loans are bad loans. The trigger for this lamentable state of affairs is crude oil that now costs more than can be afforded, even with credit.
Nobody knows what the future will look like but Greece is a good place to start.
