Greece Default Closer Amid Warnings Of “Social Explosion”

Originally posted by Vitchilo

Well then it seems we've come to a rare agreement.

While i think it irresponsible for them to default, it might be best IF they can quickly fix their books and stop bleeding money. I dont really think the people of Greece realize how hard a default and return to local currency will be, and in the short term it will be harder than austerity. Major overhauls are going to be needed, and they will be every bit as much painful, and in fact more painful than the austerity measures required to stay in the eurozone.

If they discard the euro and go it alone, they will have to balance their budget within a year or two and it wont be pretty. Greeks are going to have to downsize their lives in a very real way.