How the Greeks were most ably assisted by Goldman Sachs

Screen Shot 2015-02-02 at 22.09.15Dalrymple writes that the Greek government,

ably assisted by Goldman Sachs, cooked its books and was allowed to join the euro, the European leaders having been duped, or at least having allowed themselves, or pretended, to be duped; whereafter the banks felt emboldened to lend colossal sums in Greece in the full knowledge that default would not be permitted, and that they never would have lent if Greece had retained its drachma.

What was the vast influx of money used for, apart from the inflation of the value of assets, to the great comfort of the possessors thereof?

Why, to pay the salaries of a bloated bureaucracy, reliant for its good fortune on the political parties that hired it, and which it did nothing to justify, at least from an economic point of view.

It was all

a rather beautiful, smooth-running mechanism, in a way, a bit like that of Mr Madoff’s splendid pyramid scheme that seemed so solid and dependable for a time.

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