Yeah, I’m surprised more people/countries don’t default. Maybe this is the financial engineering where everyone simply kicks the can down the road…to protect all the bond holders and banks who invested.
But if anyone of us had a medical bill or some insane debt that was say 50 million and we had to have austerity forever, I’d leave the country as well and just say I can’t pay and won’t anymore.
Isn’t that what bankruptcy is for?
Seems a lot easier than trying to put so many restrictions that you’re sorta a druggie for some dope dealer who wants to suck all the money they can out of you while they can.
Yes, no one will lend to you again, and your country may collapse financially afterwards, but from everything I’ve seen (and I watch/read this daily), the stuff put in place hasn’t helped much neither and everything is stagnating anyways.
Also, in Greece, the people simply don’t want to pay so since in a way, they sorta need some tough medicine of lack of all public services to give a wake up call that, Yes, maybe I do want to pay for fire and police, etc…services…or start their own perhaps…
All these bailouts just seem to help the financiers become whole.
