you can negotiate the option to pay the debt in 30 years and avoid shutting down public healthcare, or you can fire a million people and try to pay it in 3 years.
The common feeling is that the "shock cure" has not been effective in any way, cause it in turn has caused a spiraling recession.
I'm not defending either position, but it's something that has been debated ad nauseam.
Also consider that a lot of the policies post 2008 have been influenced by the "expansionary austerity" thing that has been proven to be effectively bonkers.
> you can negotiate the option to pay the debt in 30 years
The Greek repayment schedule has already been negotiated to extend to 2054. That is in 40 years.
I would say that if Greece can't handle a debt in 40 years, we can forget about it.
(With the Greek history, that is. Elsewhere there are longer debts; in Sweden, a mortgage for a house may be amortized in 100 years - but it can be handled because people pay what's due).
The common feeling is that the "shock cure" has not been effective in any way, cause it in turn has caused a spiraling recession.
I'm not defending either position, but it's something that has been debated ad nauseam.
Also consider that a lot of the policies post 2008 have been influenced by the "expansionary austerity" thing that has been proven to be effectively bonkers.