The 2008 banking crisis and Article 125, according to economists, only exacerbated the
aforementioned structural problems. The impacts of the banking crisis on Greece only showed
how vulnerable and competitive the Greek economy was. In addition, Article 125 provided
false protection for European economic leaders to think that the EMU was sustainable, but since
markets did not believe the no bailout clause, politicians were merely deluding themselves that
reckless Greek spending permitted by the single interest rate would not lead to the brink of Greek
default – the danger of which has still not passed.