The Eurozone loans helped my country (another EU country which went bust in the GFC) recover. They allowed a "soft landing" in correcting government deficits. Of course it entailed new unpopular taxes and cutting government spending but most people are grateful that the country did not have to experience economic Armageddon - unfortunately it looks like Greece is about to experience this.

> hey allowed a "soft landing" in correcting government deficits. Of course it entailed new unpopular taxes and cutting government spending but most people are grateful that the country did not have to experience economic Armageddon - unfortunately it looks like Greece is about to experience this.

There isn't a single EU country where 'correcting government deficits' with taxes and spending cuts helped the economy.

You'd have been better off without austerity. The reason the Greek situation is now so terrible is exactly because of the austerity measures. They caused the 'economic armageddon.' Count your blessings that the austerity in most EU countries was not so bad, though in most of them GDP never has recovered and unemployment is in the low double digits.

Not exactly a miracle story. Compare with the US, which managed a tepid stimulus.

So...when the Greeks have no money tomorrow, how do you think that is going to effect their economy? I guess for me the ultimate question to the "no" voters is now what? No one is going to lend Greece money anymore and they have no reserves so basically they are going to have to cut no matter what.

If the "spending" of money is not a problem, how did Greece end up with depts in first place? Nobody forced Greece to take them.