Greece Defaults. What now?

[MikeRox]

routsounmanman said:

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.

Have you tried adding the United Kingdom to your graph? You'll find it's below Greece for pretty much the entirity of whatever they are trying to analyse there... (hint, it's not raw numbers spending)

The spotlight is on Greece because you're quite simply bankrupt. Cannot afford to sustain your current way of life and are now throwing all the toys out of the pram because of this. It's not the Greek people's fault though. Greece simply should never have been allowed to join the single currency. It was said at the time, and it is glaringly apparant now.