Business Report - 7/20: Who's to blame for the Greek debt crisis?

HONOLULU (HawaiiNewsNow) - Greek governments repeatedly borrowed to support deficit spending, which was reckless. But lenders kept lending, which was also reckless. Creditors have resisted forgiving more debt, even though interest rates are much lower now, and if Greece were a company it could refinance the debt more cheaply, or shrug off the debt in bankruptcy.

Argentina has a long history of borrowing money and not paying it back.  It's been doing it since 1827. It did it as recently as last year, when it defaulted rather than pay vulture capitalist Paul Singer.  Vulture capitalist, that's someone who deliberately buys a distressed company or a bad loan, cheap, then moves aggressively to get something for it. Most Americans have never heard the term, but everybody knows it in Argentina. There's even a board game called vultures, with a picture of birds picking over a pile of dollars. In Argentina the common belief is, lenders propped up dictators and it would be wrong to reward that.

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