It is often said that if you owe the bank $1 million you have a problem. But if you owe the bank $1 billion, the bank has a problem! The EU has that sort of problem with Greece. Joseph Stiglitz, in a recent article (see link below) sets out the problems which the EU now faces. This article was originally published in AlterNet. John Menadue

http://www.bangkokpost.com/opinion/opinion/468065/greece-didn-t-fail-but-the-eu-debt-moralising-did