Guess who did eventually bail out Greece.
An article from 2011 with lessons to learn from for today:
A chain reaction is set in motion—and a lot of people are going to get hurt.
The date is May 11, 1931. Creditanstalt, a little-known Austrian bank, suddenly announces it can’t make its debt payments. An unstoppable chain reaction results.
Bank failure, stock market crash, mass business closures, 25 percent unemployment, trade wars, runaway inflation, multiple currency collapses, the Great Depression, World War ii. All of it began with a little-known bank in a small country in the heart of Europe.
That is history. And it is happening again.
A similar epoch-changing event may be about to occur in Europe.