Indeed, Greece has behaved very much like a subprime country:
- It has borrowed more money than it can possibly repay - all the while lying to everybody about its true state of affairs.
- "Liar loans" have been made, in Greece's case, to enable the country to "cook the books" with regard to its budget deficits.
- New problems continue to emerge - apart from the liar loans - making it impossible to be sure all the troubles have been unveiled.
- And as was the case with the subprime-mortgage crisis, embattled Wall Street investment-banking-giant Goldman Sachs Group Inc. (NYSE: GS) appears to have been intimately involved in the business.