By Robert Elman on March 25, 2010
The “Canary in the coal mine,” is Greece, but is there an “ Elephant in the room?” Greece, like most of the PIIGS (Portugal, Italy, Ireland, Greece and Spain) has spent in a profligate manner, and has been less than humble in its demeanour. As you will later read , Greece’s dealing with her partners have been brought into serious question.
Greece became a member of the EU in 1993 with the signing of the Maastricht Treaty. There were very clear stipulations regarding Debt to GDP, Capital accounts, deficit to GDP and so on.
