(Reuters) - Greek protesters set fire to a bank, killing three people, on Wednesday in the most violent reaction to date to the government's austerity plan.
Groups of masked youths hurled petrol bombs, stones and sticks at riot police as nearly 50,000 striking workers and public servants marched to parliament, where a bill dictating pay cuts and tax hikes was due for debate.
Eyewitnesses said marchers chanted "Thieves!"...
Do Greece citizens really believe their problem is that the government has stolen from them?
Paul Krugman apparently sees it differently:
Consider what Greece would get if it simply stopped paying any interest or principal on its debt. All it would have to do then is run a zero primary deficit — taking in as much in taxes as it spends on things other than interest on its debt. But here’s the thing: Greece is currently running a huge primary deficit — 8.5 percent of GDP in 2009. So even a complete debt default wouldn’t save Greece from the necessity of savage fiscal austerity. [E.A.]
Rather than shouting about theft, the Greeks might want to acknowledge they simply spend too much. They've been financing this through borrowing, but no one wants to lend to them anymore. At least not at rates they can afford.
Burning down all the banks in Greece won't change that.