"It is amazing to observe European policymakers, having taken the wrong turn earlier this year, persevere in piling one mistake upon another. It all started when they decided that Greece could not be left to itself. Pressing on with this logic, they have brought the Eurozone to the point where it is contemplating a disaster of historical proportions.
Future historians will have to decide whether “saving Greece” was an honest show of solidarity or a crass attempt by the French and German governments to avoid another round of taxpayer-financed bank bailouts (see for example Baldwin et al. 2010). At any rate, this is when the disaster started..."
at http://www.voxeu.org/index.php?q=node/5886
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