Way to drink the cool-aid. Greece is in a full blown depression for going on 5 years now. And Greece wasn't exactly rolling in the dough before the crisis. 300,000 people have lost electricity because some genius tied property taxes to electrical service, get behind in property taxes and boom loose your electricity. The US has never been in as bad shape as Greece is currently, our "Great Depression" barely even scratches what's happening now in Greece. Veroufakis was correct in comparing Greece's current state to that of the Weimar Republic in the 1920's Germany, the situation which led to the rise of the Nazi's and remember the Nazi party, Golden Dawn, came in 3rd place in the last election.
Austerity is the single dumbest economic idea in the history of neo-classical economics. Of course people have bought into it because we have been preaching "balanced budgets=good governance" for the last 40 years and it is simply beyond retarded. No state in the history of mankind has ever regularly had balanced budgets, much less budget surpluses which is mandated by the Troika loan conditions (%4.5 surplus per year). %90 of the so-called bailout for Greece went straight to creditors in Germany and France, the Greeks saw nothing of it, meanwhile with %50 unemployment, cuts in social services, no universal healthcare etc. the Greeks have been royally fucked.
The best American comparison would be Detroit. One city manager signs a loan contract for the city, which included a really cool provision: If Detroits credit rating were to be downgraded the entire sum of interest on the $450 million dollar loan had to be paid immediately. Thus bankrupt Detroit. Contrary to popular opinion, most Detroiters who have worked hard all of their lives were not sipping champagne and eating caviar. The notion that the entire population of a city, or god forbid an entire country should be faced with spiking suicide rates (%50 rise in Greece since 2008) because some idiot gambled with Hedge Fund managers to drum up speculative money for things which were never democratically decided is simply insane. Or that they should be forced to privatize everything public and lose their pensions
I lived in Germany for 15 years and they are so full of shit on this that they should be ashamed of themselves. %80 of germans bank with public banking institutions(sparkassen). Their private banking industry is tiny compared to most countries in the world and most germans have 0 credit/debt, ie. no loans, no credit cards etc. This is of course changing now as the EU forces Germany to privatize their financial sector, but Germany is only able to point it's finger at anyone else because they did not have a private financial system raping the population with cheap credit, like Greece, Spain, Italy, Ireland etc. How in the flying F is the Greek state supposed to make good on all the shit debt, when prior to the crisis the average Greek had personal private debt equivalent to -%75 savings. Austerity means cutting jobs, cutting pay, cutting pensions, cutting services and this when everyone is already drowning in debt. Quit drinking the cool aid.