1. Question: Greeks borrowed too much, isn’t that right?
Answer: Maybe, but who didn’t? In 2008, before the banking crisis wrecked Greece’s economy, their debt-to-GDP ratio was 100%. Not great, for sure. But not horrible or unsustainable. Compare that with the current numbers for the U.S. and Japan – 101% and 220%, respectively. Even Germany, who loves to lecture people on debt, is at 75%; the U.K. is at 90%.
Next, look at this chart below
World Affairs 