Citizens of south Europe (Spain, Italy, Portugal, Greece, Cyprus) should unite and redefine the meaning of European Economic Union. Or leave it.
Countries like Germany forces the governments to accept loans in order to pay back loans to the same country that gives the loan. It's an endless loop. At the same time Germany refuse to pay ~125 billion euros from money stolen from Greece during world war two.
One way or another it is going to end. And it will not be good. Specially for countries that now are in the top.
Alexander.
The situation is much more fundamental than a simple excuse like "banks" or "Germany". In general, Europe has spent far too long living the good life on credit. In the case of Greece, it was cushy retirement packages, an unworkable tax code rife with fraud, a populace that stops working at a very young age, and a government that was frankly lying about their economic situation. So you have a small minority of the people who work and pay the appropriate taxes, but they do so for a short few years, while a much larger minority of the population lives off those folks' productivity.
It is destined for failure. That failure is still coming - not only to Greece but to the rest of Europe (at least most of the Eurozone, certainly those that use the Euro).
The gravy train has gone on far too long, and now the bill is due, and nobody has the money to pay it - even Germany.