The Problem with Greece

Actually, the problem is not with Greece. One cannot fault a government for pandering to its voters by public spending, particularly if someone else is paying the bill. The problem is the willingness of the Germans and French to finance Greece's profligacy; driven by their belief in the necessity of economic union.  Economic systems do not exist independent of the political, historical and cultural institutions in which they are embedded.  The diversity of institutions among member states in the EU imply fundamental differences (and incoherence) in economic systems.  Greece is possible because of the EU.  The problem is the EU.