Europeon Debt Crisis: There isn't another option EXCEPT austerity.

[SamuelRSmith]

Wh1pL4shL1ve_007 said:

SamuelRSmith said:

Wh1pL4shL1ve_007 said:
or... they could just "forget" all the debt.

If I borrowed a few hundred pounds off you, what would you do if I just forgot to pay you back?

Well.... if I earn over 1 trillion euros a year. i wont be too bothered. 

I don't know who you think buys bonds... it's mainly banks, pensions/savers, and other countries. If the banks don't get the money, their stockholders are the ones who feel the brunt - which, again, include pension schemes and savers (if the bank then fails as a result, everybody feels the bite, and there may even be further bailouts). If you default on the money from other countries, you're effectively stealing from their tax payers.