Grice: "What Is The Difference Between Greece And Rest Of The OECD? Only That It Is Small Enough To Be Bailed Out"

Greece misrepresented the true state of its finances, it has enormous off-balance sheet liabilities, it is expected to run a double-digit budget deficit to GDP this year, it has a heavy bond issuance schedule this year – it was bound to have a crisis at some point wasn’t it? But what’s the difference between Greece and the rest of the OECD? Only that it is small enough to be bailed out ….