Kicking The Umpire Out Of The Game

When Greece raised 5 billion euros (nearly $7 billion) in the bond market earlier this month, it had to offer investors an interest rate of 6.25 percent — nearly double what fellow European Union member Germany pays to borrow money. The difference is that the Greek government’s finances are, as we noted here months ago, a train wreck, while Germany is still a good credit risk. The perilous state of …