^ This all touches on a very simple subject that no one has seemed to jump on yet -- the above discussion basically described countries as people with no self-control. When presented with an option to borrow against its future to consume now .. it went ahead and did so. So is the problem a fundamental one of human nature? Can we (people or countries) not be trusted with a fractional reserve banking system or fiat currencies?
I don't know if it's intentional, but I see the temptation for blame to be laid on the greater financial system and the "leader" EU countries for willing to be lenders. Are we saying global financial markets were too lax on Ireland, Portugal, Greece and Cyprus? It's their fault cause they enabled recklessness?
