Greece Defaults. What now?

[routsounmanman]

Qwark said:

routsounmanman said:

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.

The situation was crap to start with, otherwise they wouldn't even need help, let there be no doubt about that. Greece sure as hell ain't Denmark or the Netherlands. I agree that the bailouts where poorly executed but putting the full blame on EU isn't correct although they didn't make the situation any better and presumably quite a bit worse. [...]

Quite a bit worse? Is -26% of GDP "quite worse"? Even during war, countries lose less GDP! The programs were absolute disasters!

PS: I am of course not blaming only the EU, our politicians are corrupt and useless and even we, as people resist to some reforms. But to insist on the same route (have you seen the latest creditors paper sent to us - blackmailed actually) is simply stupid.