Whether the Greeks voted for or against the EU, their economy is in shambles and they will have to endure years of painful austerity and restructuring. Whichever way it went, jobs would be lost, pensions would be obliterated and the bloated government bureaucracy would have to be slashed.
Staying with the EU meant they would wear the shackles of the German moneylenders and Brussels bureaucrats who would loan additional money but require obedience and submission as the price.
Voting against the EU bailout means uncertainty and likely divorce from the EU. In exiting the EU they will default on their loans to the international banks, and global organizations (IMF, World Bank). They will endure an economic catastrophe but will restore the independence of their nation. I say they made the right choice.
The truth is, the “too big to fail” banks continue to make unsound loans to individuals, groups and nations based on the promise government will bail them out as was done in 2008. We blame the debtor for reneging on his/her debts but we reward the lender by protecting him/her from the consequences of making loans the lender knows will never be paid. If bankers were not backed by the government, and had to bear the consequences of default, the extension of credit would no longer be politicized and bad credit risks would be cut off from new loans long before they reached the point they couldn’t pay.
Consider if Detroit, Puerto Rico, Greece, Argentina, and even our own US government had been denied credit at the point they started incurring debt to make loan payments. The size and power of government would have been constrained by economics regardless of the desires of the politicians. Our national and global economy would be more stable and government would be less intrusive in the lives of citizens.
The choice the Greeks had was between 1) austerity and slavery to the German bankers and bureaucrats of Brussels, or 2) default, austerity, and independence. They people chose wisely. Let’s hope they make more good choices as they endure the inevitable hard times of economic collapse.
To add to post 18 above, it is not coincidental the progressives wish to remove Alexander Hamilton’s image from the US currency and obliterate his memory. His major contribution to the young republic was paying off the debt from the revolution and ensuring the national government followed sound money policies and responsible budgeting. We should remember the currency was issued by the Treasury and backed by gold and silver in his day. No fiat money created by bankers with no accountability to the national government or the people.