The financial sector bought up an unbelievable amount of periphery debt but it's suddenly very valuable and low risk. They also quite plainly thought that if they engorged themselves on this risk they would be eventually bailed out by the sovereign. So carters like spain were actually very fiscally responsible in the pre-crisis era, he says. But because of the capital coming in from from germany there was a private debt bubble which then led to  the real estate sector going bankrupt. The troika pretended that this was a liquidity crisis and that all the greece needed was more loans under owner-risk conditions so she didn't want to do another one. She decided