Much of the political turmoil surrounding the euro zone crisis has centered around the question of whether fiscally stronger nations, such as Germany and France, should have to bail out Greece and other struggling economies. German Chancellor Angela Merkel has held the purse strings along with other leaders who have demanded strict austerity measures in those countries receiving assistance. Merkel is under political pressure at home with many in her government feeling that the Greeks, like the German people, should have lived within their means.
But is this moral indignation behind the deepening financial woe? Joe Nocera, op-ed columnist for The New York Times, wrote about the issue in today's paper.