THE MARKETS have been temporarily buoyed amid optimism that European leaders will find a solution to the debt crisis. Unfortunately, the optimism is likely to be short lived because the problem with Greece is not just that they owe everyone a lot of money. Greek debt is a symptom of a more endemic problem rooted in the Greek culture.
Michael Lewis, writer for Vanity Fair, revealed the story of how Greece meandered towards its current nadir: tax evasion the norm, bribery a way of life, and the Vatopaidi monks obtaining a gift of Greek commercial property worth over a $1 billion.
His intriguing and insightful article, “Beware of Greeks Bearing Bonds“, uncovers the human story behind the Greek debt crisis. It is not a short piece, but if you have 15 minutes and are interested in the current affairs then it is well worth reading.