- A worldwide overcapacity of output, financed by previous lending;
- A huge glut of cheap labor, also largely brought forth by the credit expansion of the last 30 years.
"Why should Greece have to repay those loans, anyway? Where did the money come from? It didn't come from German taxpayers. It came from nowhere, like all the rest of the world's money. And so what if it isn't repaid? What difference will it make? None."