Greece Defaults. What now?

[routsounmanman]

Qwark said:

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.

There is a reason that Greece is in this spotlight, because the situation there is far worse than in so called other problematic countries.

Indeed now it is, after 3 horrendous bailout programs that have failed miserably so far (even the IMF has openly admited to misjudging the effects of austerity and miscalculating Greece growth rates). The results - GDP 26% down, highest unemployment in EU, all while the debt has exploded.

Or do you mean at the start of the crisis? Please enlighten me as to why.