Your moment has come, Mr Tsipras, take back control of your country – UKIP leader Nigel Farage

As a bit longer explanation:

The “producer” countries benefited from a relatively devalued currency due to the drain from the “consumer” countries. Germany (for example) benefited greatly in exports compared to using the Deutschmark (which would have been valued far higher).

The “consumer” countries benefited from a relatively stronger currency where they could get cheap loans to buy their imports. Greece (for example) was able to maintain (and actually increased) their “social” spending using the Euro vs. the Drachma.

It worked fine, until it didn’t (i.e. the bill came due)…

The real issue came to a head when the “private” banks (those who made loans to Greeks in order to buy their BMW’s or had bought public Greek debt such as government bonds) realized they weren’t going to be paid. Since the banking cartel “owns” (literally) the Central Banks (the Fed and ECB), it was a simple matter to arrange a “bailout” to Greece from the CB’s (ECB and IMF, a front for the “Fed”) to Greece in order to pay off the “private banks”. This effectively transferred the “private debt” of the banks to the taxpayers.

The “playbook” was well known. It was the same scheme used in 2008. The Fed (Federal Reserve Bank) effectively bought up all the bad debt from “private banks” and transferred it to the taxpayers (private profits but public debt). At least they had the option of throwing Lehman Bothers under the bus as a “sacrifice”. In the EU, DeutschBank COULD NOT be sacrificed.

There are no “good sides” in this.