The article which was published in the New York Times has elicited a lot of debate from its critics as well as those who oppose the article. The article which appeared with the headline"Wall St. Helped to Mask Debt Fuelling Europe's Crisis" is a perfect work from three established authors. It appeared on February 13, 2010. The article generally talks about how the "wall street tactics" have made the financial crisis in Greece worse just as it did in fostering subprime mortgages in the US which nearly brought the economic situation of America to its knees. It talks about how the Wall Street enabled Greece to borrow more than they needed and in the process the Euro has suffered the blunt in all these theatrics. The borrowing dates back to 2001 when Greece was being admitted to the monetary union of Europe (Story, Thomas and Schwartz)
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This article has elicited serious debate with the large portion of it being centered on the involvement of Wall Street and whether it is to be blamed for this situation that the country of Greece finds itself in. some argue that Wall Street was not the cause of the financial woes of Greece while others put the blame entirely on the participation of Wall Street on the financial implications that Greece is suffering from.
However, in most people's opinion the involvement of Wall Street in this debacle cannot be underestimated in any perspective whatsoever. Just like Matt Taibbi wrote on his article about the Goldman Sachs creating bubbles and benefiting from the bursts, this situation may seem as not being different. Greece is also to be blamed for its financial woes and the fact that it accepted more than what they needed and in return gave away rights to airport fees and lottery proceedings in the years after. Even though some have viewed this as just theories of conspiracy, the sagas surrounding the Wall Street cannot be in any way ignored especially considering the shocking details that are coming out daily on what may have transpired.
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