When I look at Greece's debt problems and the measures they are taking to "solve" it--more debt and massive cuts in the minumum wage--I wonder why they just don't default and start over. The debtors are not getting their money back and the country's continued membership in the European Union is just going to drag the whole thing down.
The EU has spent over $320 billion to try to keep Greece afloat. Meanwhile Portugal and Ireland are in trouble and two large economies, Italy and Spain, are in the same, sinking, boat. Will the EU shell out more money to keep them out of the red for a few months?
Better to take the medicine and start the road back to recovery.
When a country is facing 20% unemployment and has to suffer austerity cuts that result in 20% cut in wages, default and going back to the drachma makes a lot more sense.
Could it mean the end of the Eurozone.
Probably.
Didn't look like it was working that well anyway.
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