I had to look it up.... it was Munger (Buffet guy)...
He said you should not go into partnership with your drunken shiftless BIL...
That is the main problem.... Greece has been playing games for years (maybe decades).... when they got into the Euro they saw a free lunch...
Now they want to complain when the bill comes due... and want to blame the lenders for being so stupid to lend them that much money...
So, I would say... OK, we were stupid... but we do not have to be stupid going forward and lend you another dime... or euro as the case may be.... (what is a part of a euro called?)....
But the Greeks want to continue with this farce and not have to pay the price... sure, they are having a collapse of their economy... but it is not due to 'others'.... it is due to them... as I read, it appears that it is very common to not pay taxes... so even if there is a tax... they do everything to avoid paying it...
But they also have a relative good pension system... I do not remember what country it is, but one of the other small EU countries pay about half s much as the Greeks in pensions.... but they are supposed to pony up money so the Greeks can keep paying what they pay....
They have already had their debt cut... and the terms given to them were sweetheart deals which also brought down the total amount they would have had to pay.... IOW, if the lenders did not extend the maturity and lower the rates... Greece would have defaulted a long time ago...
Tsipras does not want to be the one to blame if Greece gets kicked out of the EU... I think that he knows that they would be worse off than if they stayed in.... but he and their finance minister thought that the EU would blink... it looks like they guessed wrong... but now do not want to look like they caved to the 'big bad lenders'.... because if they do they will not be in power much longer.... so what do you do
Call a referendum and then use 'the will of the people' as an excuse...