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It was an old-fashioned case of bad lending.
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The risks from the spree of bad lending and bad borrowing — foreclosures, falling house prices, economic hardship — are still there.
Even before the Greek debt bombshell, Laiki Bank "was already in a bad way because of bad lending," said Kikis Lazarides, a former chairman of the bank.
As most serious observers acknowledge, a combination of bad lending and risk management by banks, poor regulation and ill-advised consumer behavior all played a role.
Citigroup has had a history of bad lending problems.
An individual case of bad luck?
For him, it was a terrible case of bad fortune.
Got a case of bad breath?
This will help protect you in case of bad weather.
He argued that because of their bad lending decisions, bankers shared the blame for Greece's predicament and should also share in the cost.
That's where most of that "bad lending and risk management" took place.
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