They finally defaulted. On the fifth the Greek people get to vote either A) Stay in the euro and become the bitches of the "troika" as those banking bodies slowly suck the soul out of Greece in austerity measures or B) leave the euro, face years of uncertainty and most likely crippling inflation with the introduction of a new independent currency.
I'm no financial analyst but everything I read points to this initially being a problem with Greece, which the troika compounded by not letting the Greeks spend money on making jobs. Stuff Ir ead points to Greece's insane 26% unemployment (60% amongst youths!) as being largely from forced austerity policy.
I think this points to a larger issue- big banks trying to dictate financial policy in the world. I'd trust a banker to create economic policy as much as I'd trust a mechanic to manage national road infrastructure.
Anyway the vote is sort of a hard choice. There won't be jobs and social spending won't exist, but the banks will work. Leaving the euro means the government can spend money to make jobs, but they don't have money, so they will print more, means inflation will be nasty until the economy starts to pick up. I don't envy the Greeks, 26% unemployment is just insane.
