The moral divide at the heart of the Greek debt crisis

It's not about how to fix Greece. It's about who pays for it.

Greece EU
(Image credit: REUTERS/Yannis Behrakis)

Liberal America had a good run last week. So spare a thought for the Greeks, for whom things did not go nearly so well.

No less than five meetings last week — between the Greek government on one side, and the triumvirate of the International Monetary Fund (IMF), the European Central Bank (ECB) and the European Commission on the other — ended in stalemate on Saturday. Bailout funds expire at the end of tomorrow, and a thin and uncertain lifeline from the ECB is all that remains. With debt payments due Tuesday as well, a Greek default appears all but inevitable.

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Jeff Spross

Jeff Spross was the economics and business correspondent at TheWeek.com. He was previously a reporter at ThinkProgress.