Following the roller coaster ride that is the Greek debt crisis (and by extension, the Euro Zone debt crisis) can leave one more than a bit confused. One week the economic pundits and world markets proclaim everything's fine; the next week markets nose dive worldwide. Trying to understand the arcane mechanisms of international finance, sovereign debt management and the politics surrounding all of it is a full time job. We don't have time for that! We're here to elect more and better Democrats, not worry about the "soft underbelly of Europe" as ole Winston Churchill once said.
So, just how did they get to this point? It can easily be explained by using mice and cheese.
Greedy Greek mice ate lots of German cheese. And lots of stinky French cheese.
German cheese-saving prudent mice now very angry.
French cheese-giving banker mice now very afraid.
Greek mice unable to repay cheese any time soon, but need more cheese. German mice increasingly angry and hire German cat to guard cheese.
Greek mice very hungry and angry. Much rioting on streets of Greek Micetown.
World worried, because French and Cheese Banks
crucial to Yurpean Cheese Economy.
If French and German Cheese Banks bust after Greek Cheese Orgy, double-plus un-good for Yurpean Cheese Economy.
Yurpean Cheese Economy screwed, World Cheese Economy meltdown in prospect.
World Cheese Economy melts down, we are all in the fondue.
With many thanks to commenter "Morzer" over at Balloon Juice.