Quote Originally Posted by Sarmatian View Post
Because the Greek debt isn't in drachmas, it's in euros. They have to pay it back in euros. They can't print drachmas to pay it.

Their import is bigger than their export, tourism included, which means constant inflation. Equilibrium will be reached when they stop importing more than they export, which means lower living standards in the end.

They've been living above their means for a looong time. Tightening the belt is what awaits them, euro or drachma.
Greece may still be stuck paying debt in Euros but it will be able to sell it in Drachmas, that's the point.

Anyway, as Galic said, this isn't just about Greece - it's about the whole structure, Greece is just where the pus is nearest the surface.