“As a result, rather than ending the crisis once and for all by cancelling part of the debt and thereby sharing the burden of adjustment equitably with European creditors, this deal simply shifts the burden of adjustment onto future generations of Greek workers and taxpayers. […]
At the heart of Greece’s protracted fiscal crisis was always a highly contentious social and political question about the real meaning of European solidarity: Who should be made to pay for the presumed ‘profligacy’ of successive Greek governments, or the ‘excessive risk-taking’ of profit-hungry private creditors in the lead-up to the crisis?
The course of action that European leaders ended up settling on turned out to be very one-sided in this respect: Greece alone was to blame for its predicament, and therefore, Greece alone would be made to pay for it.
The real motivation behind the bailouts was always to safeguard the survival of a dangerously over-exposed European banking system—but this fact was quickly obscured.”