Anil Kashyap: "A Primer on the Greek Crisis: the things you need to know from the start until now"
If you've been trying to wrap your head around the Greek and Eurozone debt crisis of the past .... two decades, this is the best overall primer I've seen.
1) How did Greece get into such trouble?
Greece from the mid-1990s until last year was constantly spending more than it was collecting in tax revenues. For most of this time, the country’s initially reported numbers showed small differences that were subsequently found to have been much larger. The revisions tended to be most substantial right after elections when a new government would find that its predecessor was much more profligate than had been reported. Because of these deficits, the country borrowed to cover the shortfalls and its debt burden was steadily rising....
University of Chicago, Booth School of Business
June 29th, 2015
h/t Peter Kasting at G+