November 3, 2011
With Alex Katsiatis we have written a post two years ago about the dysfunctional Greek politics in the context of the Hungarian bailout of ’08, predicting that the Greek party will lead to a similar hangover. Very interesting in retrospect.
The only reason why the money markets could not pick on Greece instead of Hungary in October  is that Hellas has fixed a place within the euro-zone (as it turned out later, with creatively accounting for the Maastricht criteria). The EU funds sank in an empty-bottled bucket, lazy hours in the workplace with benefits from borrowed money, one size-bigger cars that your income would allow were all signs of such a social disease that the markets stopped lending Hungarians the next credit tranche.
Author : Dániel Antal