Greeks, what will you vote?

[routsounmanman]

nanarchy said:

Nettles said:

Iceland defaulted, had a referendum on whether to pay back debts and the people voted it down.Iceland had a sharp recession lasting for a year or so but has been growing steadily since.It doesn't really matter though because it's not just Greece that has debt problems in the EU it's also Spain,Italy,Ireland,Portugal,Italy even France.Deutsche bank holding 54 trillion in derivatives.... the whole thing is completely fucked.

Iceland didn't default, the iceland privately owned banks did, they collapsed completely leading to a meltdown of their financial system and currency, the government had to nationalise the banking system and secure very large loans from the IMF. because of that iceland still has a massive debt to pay. Also it didn't recover in a year, it took about 4 before they started to grow again and they are still under capital controls.

Meanwhile, Greece opted to not default, take crazy amount of austerity measures and is in a worse condition than it started (exluding the primary surplus).

GDP -26%

Unemployment 27%

Pension / Wage cuts 30 - 50%

Debt 170% of GDP