Please ponder the dimensions of these figures!
A country of about 11 million people with a GDP of about 230 BN EUR added about 50 BN EUR per year (that is: fifty billion Euro!) in external debt in the last 2 years (for the period 2001-10, it was about 40 BN EUR per year). And there is no reason to believe that this number will be a lot less in 2012.
Here is a country literally “burning” the savings of other countries. And that trend is not stoppable as long as Greece adheres to the free movement of goods and capital (EU-freedoms). Some people even argue “as long as Greece remains in the Eurozone”.
Again, it is the dimensions of the problem and the inability to stop the process within existing EU-treaties!
This blog has argued from the start that Greece urgently needs to implement special taxes on imports and capital controls. Not having done this yet has cost the savers of other countries 100 BN EUR in the last 2 years.
If special taxes on imports and capital controls are not implemented any time soon, then I will have to change my position and argue that the sooner Greece exits from the Eurozone, the better for her (and all the others). Then the EU should even consider giving Greece a grant of, say, 100 BN EUR to handle the Drachma-transition for the next couple of years.
That 100 BN EUR would be an investment for the EU (and not an expense).