The de facto eurozone haircuts
It wasn´t just Emperor Nero who fiddled while Rome burned. Two other political figures come to mind.
Post World War II, Charles de Gaulle was preoccupied with "la gloire" for France and, rather less admirably, for himself. At the time, the French were starving. In the summer of 1945, the country had less than two weeks´ supply of grain, while the winter was much worse. Malnutrition was such that the generation raised in this period were to be shorter than the previous one. With some humour and a large degree of exasperation, the governor of the Bank of France, Emmanuel Monick, told a foreign diplomat that Belgium was handling its affairs far better than France.*