If the bailout loans didn't come then, then Greece would have had to negotiate a debt restructuring then rather than now, gaining 1-2 years at least. As for au

If the bailout loans didn't come then, then Greece would have had to negotiate a debt restructuring then rather than now, gaining 1-2 years at least. As for austerity, there is the healthy streamlining and downsizing of public expenses and there is the hobbling of the private sector with new and higher taxes. The latter solution merely sinks the Greeks further. Public debt is not strictly meant to be paid off ever, but it should grow no faster than the overall economy for this indefinite deferral to work. It also means the productive aspect of society, namely the private sector, not be hindered by too high taxes or regulations.