At his blog at Salisbury Review, Dalrymple quotes Keynes on the Treaty of Versailles negotiations and finds some broad historical similarities with the Greek bankruptcy talks:
“But the opportunity was missed… during the six months which followed the Armistice, and nothing we do now can repair the mischief wrought at the time. Great privation and great risks to society have become unavoidable. All that is now open to us is to re-direct, so far as lies within our power, the fundamental economic tendencies that promote the re-establishment of prosperity and order, instead of leading us deeper into misfortune.”
But is this not always the case? We are always where the last lot of fools led us, and not where we should have been if wiser counsels had prevailed. This is so even in our personal lives: who can say he is exactly where he ought to have been if wisdom had ruled?