Greece Defaults. What now?

[routsounmanman]

MikeRox said:

generic-user-1 said:

Lafiel said:

Due to it's specific challenges I think that Greece is very hard to rescue with austerity (imo it does work well for several other countries), so I welcome this vote as it will facilitate their return to an independent monetary policy with their own currency.

where did austerity work?

Ireland is the most prominent example I can think of. However most countries have never even tried Austerity.

[...]

http://www.heritage.org/index/visualize?countries=greece&type=4

Greece has had at least twice as much austerity as all the other "problematic" countries.

The reason you see Greece as the black sheep is that we're in the spotlight, while the rest buy time to lick their wounds.