It's all relative I guess. Compared to Turkey or North Africa I am sure the Greek live fairly comfortable
It is all relative indeed. I have been to some of the homes of people in France with millions on their bank account who to me lived in caves but they liked it because of the coolness. Life in Western Europe, although at first sight of higher quality indeed, is also far more TV oriented ensuring a higher need for useless shit, a much lesser degree of social coherence and a sense of unhappiness if not all the useless shit in the world is acquired. Have you ever watched French or Italian TV? There ain't nothing on, it's ridiculous! So to me It probably is a mixture between a cultural thing and the nice weather. I wouldnt be able to pin down why I would enjoy to live in a modest house say somewhere near the coastline in Southern Europe rather than in a palace located at many other places around the world though.
Martinghoul, the following chart just popped up overhere which I thought you might find interesting. What's remarkable is the foreign holding percentage as Belgian debt was far more localy financed about a decade or 2 ago. Such high level of depence across the boarders certainly makes matters far more complicated I would think.
Excellent point about greek life style. There that story about the guy from wall street who wants to make a fishing village more productive so they can make more money so they have have more time to go fishing. How much is half your life worth or whatever portion you are spending working your ass off compared to the guys who live in a trailer park in Carlsbad - who plays golf and tennis or guys surfing everyday. (perhaps writing a book in his free time.) I ponder those types of choices frequently. Making more money can come a very high cost.... your life.
What's the point of a Belgian bank financing Greek debt and vice versa? Is it spreading the risk? Chasing higher returns? Or just chasing any return.