Greece Defaults. What now?

[routsounmanman]

MikeRox 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.

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.

Now, yes, of course. We have closed the banks, for crying out loud! At the start of the crisis though, Greece, Ireland and Portugal where not that much different (although I admit Greek economy is the weaker of the three).

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.

 

Totally agree here. I could advocate why returning to national currency would be beneficial for us, enduring the short-term pain.