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We are recovering from it, hopefully. EU and IMF is promising a shit load of money just to recover Greece from its problems. There has been a lots of discussion that should we help Greece. In theory it is a fact that in this case the wins are private and the risk is socialised, meaning that Greece will be saved by EU and IMF. But think about the consequences if Greece would go bankruptcy. All Euro-zone would go to chaos and what would be the price of that? Hopefully EU learns the lesson from here and creates real control/follow-up tools to monitor Euro-zone countries so that this can't happen again. Greece has do a heavy clean-up operation to make its economy to healthy level, it is going to be painful but the it is always the fact that invoice will follow. I hope that there are no new surprises waiting in Mediterranean area.

Greece is only part of the story. Big part of the crisis comes from the financial markets. It seems that in that business everything is allowed, at least up to time when the shit hits the fan. It looks that all of the greediness and collect-money-to-my-pockets is normal attitude in Wall Street, there are no limits in greediness. People are developing new and creative financial instruments which are generating money for a while. But every in 10 to 20 years everything collapses like we just have seen. Unfortunately this is a one example of the fact that these markets should also been open and track record should be visible.
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