The EU is stupid for agreeing to this bailout. It will simply encourage other PIGS to not clean up their own mess.
Absolutely. It bails out bond holders stupid enough to lend money to a nation with bad fiscal habits. And, it siphons off capital that could otherwise be put to good use creating jobs. The problem is not Greece as you point out. The problem is the politicians trying to solve every one of the Earth's problems.
And are we (and Canada) not paying part of the Greek bailout too? I believe so.
“The EU is stupid for agreeing to this bailout. It will simply encourage other PIGS to not clean up their own mess.”
The IMF is in on this bail out too. So these are YOUR tax dollars at work.
I don’t know — Ireland and Portugal have put in austerity measures and the populace has accepted them. Ireland has cut politicians and bureaucrats salaries (they cut those FIRST) and then cut benefits. The Irish people supported them. I don’t know about Italy or Spain though...