There is so much information "out there" about the Greek crisis, it's hard to get a handle on it all.
However, I hope the following links help:
- Understanding The Greek Crisis by Nicolás Cachanosky, Ph.D.
"The argument is straightforward: If the rest of the European countries are going to give taxpayer money to Greece, then Greece must stop spending beyond its means. Would you lend money to an individual who consistently maxes out his credit cards, allowing his credit score to be affected, but showing no sign of wanting to put his finances in order? Worse still, should your government force you to lend to such an irresponsible borrower?" More…
- The Extreme Economic Outlier That Is Greece, In 7 Charts by Andrew Flowers
"While the future is highly uncertain, it’s pretty clear what got Greece to this point. Looking at a broad range of economic and financial statistics, Greece emerges as a stark negative outlier in the eurozone. On many measures, Greece is far and away the worst-performing eurozone country; in other cases, it shares the ignominy." More…
- Greeks Prepare To Be Pillaged by Jeffrey A. Tucker
"One thing needs to be said about this frantic authoritarian approach: It never works. Bank closings add to the atmosphere of panic. They are often followed by an announcement that the government is going to devalue or outright steal people’s money. Whatever trust remains in the system is drained away along with the value of the currency." More…
Of course many people blame the IMF (really they blame the "Troika" – the European Commission (EC), the International Monetary Fund (IMF), and the European Central Bank (ECB).), but really the Greek government is the cause of their own undoing.
As an important aside though, the IMF should really be abolished and the following two links are worth your time.
- Abolish the IMF by Don Boudreaux
"The IMF’s original purpose was to help cash-strapped governments maintain their currencies’ fixed exchange rates as directed by the 1944 Bretton Wood system. But that system gasped its dying breath in the summer of 1971, when – with Pres. Nixon’s closing of Uncle Sam’s gold window – all pretense of an international system of fixed exchange rates was abandoned." More…
- The Case against the International Monetary Fund by the Hoover Institution
"Unsound domestic economic policies, not temporary external shocks, explain the persistent demand for IMF assistance." More…