2 days ago
- Business
- AU Financial Review
How much debt is too much for a country?
Cast your mind back to July 2015. Greece had just moved from sovereign default to voting on a European bailout. It was a mess of Greece's own making. It was made worse by Keystone Cops-quality Greek leadership. And the fact that it didn't spread to other parts of Europe was due in no small part to good luck.
It's tempting to think of Greece and its debt crisis as being sui generis. A country with a fragile and deteriorating economy, two hopeless finance ministers in quick succession, and where paying tax is kind of voluntary.
