Niall Ferguson: "Greece Is The Symptom Not The Cause"

Tyler Durden's picture

In a brief clip from a lengthier discussion between historian Niall Ferguson and ex-Greek PM George Papandreou at this week's Zeitgeist conference, the effusive Englishman lays out perfectly what many are missing with regard to Europe: "Greece is not the problem - it is a symptom of a much more profound malaise that affects the entire monetary union." - just as Lehman Brothers was not the 'cause' of the US's problems. The wasted energy spent moralizing about the 'work habits' of Mediterranean citizens as being the problem is incorrect as this is a European-wide problem - a systemic crisis of European banking and public finance. Papandreou pipes in by noting, in typical toe-the-line manner, that Germany must swerve (in the game of chicken) or there is a major danger of disintegration because "there will be contagion".