“Loss of sovereignty?

Do they prefer their sovereignty to be in the hands of the speculators and markets?”

These were the type of questions incredulous people working with the EU were asking over the past week as the country tore itself apart over philosophical questions it had never addressed in the good times.

Politicians, commentators and the public all behaved naively in the process. Normally negotiations for money that can result in a run on the country’s banks or make borrowing even more expensive are done in secret. We saw it in the Greek case. Their prime minister and his finance minister denied again and again they were looking for a bailout. They had to deny it for longer than Ireland since there was no bailout fund at the time.