> They have the unemployment rate they have thanks to the unsustainable - something even the IMF admits - austerity measures.
It also doesn't help that there has been no innovation or large industries creating jobs in the first place. Blame austerity all they want but EU is not responsible for job creation or the livelihood of individual countries, I think that's up to the leaders of each country, and being competent helps.
> South Korea was never subject to the kind of ludicrous austerity demands that Greece got, had their own currency and so were able to improve their export competitiveness much more easily, as well as was able to - and aggressively did - restructure many of the banks and businesses that dragged their economy down because they were not detail-controlled to nearly the extend Greece has been.
You are downplaying the fact that there are other countries that were in South Korea's position never really recovered. It's not something that can be done easily, of course in hindsight it's always obvious. However, the fundamental problem is that there simply is no major global player industry in Greece to start, of course it's going to have a harder time getting back up. By no means was South Korea given an easier time, the debt payments were just as harsh if not worse. Jobs were destroyed, society changed but in the end they were able to pull themselves out by actually focusing on getting back on their feet.
> Greece is not allowed by the Troika to choose how to reform their economy, so this option is not on the table for Greece unless it exits the Euro.
So you are telling me Greece is not allowed to save itself? This is ludicrous. This is akin to saying I'm homeless because I'm not suppose to help myself. I don't blame the Greek people however, they just don't know of any other option other than the one that has been prescribed to them for close to a century.
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Because the alternative is they get nothing? Debt always comes with risk. The interest rate is meant to price that in. If you can't deal with the risk of a restructuring, don't lend money. Except the lenders in this case learned a different lesson: your risks get socialised by the tax payers, and your government will then act like mobsters to try to recover the money, instead of letting the banks that took the risk also take the losses.
Why should Greece put up with the kind of attitude Germany has shown? Why should Europe?
Why shouldn't Germany feel bitter about having to keep Greece on lifeline out of their own pockets? I mean you make it sound like Germany has had it easier but from the rubbles of Allied bombing, as it emerged as an economic powerhouse and leaders of EU. When a tenant continues to be delinquent on rent, they get kicked out. Of course they blame the land lords but does it improve their situation? Does it win them a ticket back in? Here, we'll let you keep living on our dime while everyone else makes regular payments.