Phony what else? I mean u have crazy states spending spree, regulators that happened to be on states or international institutions payrolls not doing their job and to top it up, bankers in bed with politicians cause there can be no other plausible explanation for the type of lending that fuelled the Greek addiction to credit. The result of all of the above is a terrible crisis of gov intervention in the economy, crony banking at its worse and a sick bureaucracy elected officials in bed with forgot they got elected to hold it accountable.
Now the type of conversation about the end of a cycle, a capitalism crisis and all that kind of crap is just a pain.
It is a bit better tonight, central banks are addressing the liquidity problem not the solvency cause they can't . At least the rhetoric is getting better.