Among other interesting things Sinn demonstrates that what the Greeks did was absolutely ‘rational’ from the economic point of view: they took full advantage of the “mutualisation” system currently in existence.
Also, because of the very same system, bankers had no qualms when extending credit to unworthy countries…
Then how come only the Greeks are singled out now?
Hans Werner-Sinn, a noted German economist and Professor of Economics and Public Finance at the University of Munich. He is also President of the Ifo Institute for Economic Research and serves on the German economy ministry’s advisory council. In this interview he talks about a disciplined but also radical and flexible pro-Europe path out of the present impasse, for Greece and for Europe as an idea worth cherishing and taking into the future.
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