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What we have instead is substantial austerity in the core too.
But now their voters are being asked to pay the price in terms of substantial austerity; in the old days, the Greeks would simply have devalued.
Which brings me back to Italy, a nation that for all its dysfunction has in fact dutifully imposed substantial austerity — and seen its economy shrink rapidly as a result.
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Fixing those requires an immediate policy turn from debt-deepening austerity to substantial public investment.
I think it's possible to envisage a Greek program that began with a big debt writedown, traded off nasty but not crippling austerity for substantial bridge loans from the ECB, and in which Greece returned to the private market in 2012 or so.
We hope the government acknowledges the undeniable human cost of austerity and put substantial measures, policies and funding commitments in place to make sure that all domestic violence survivors can flee violence and live safely".
The Syriza-led ruling coalition represents 161 of 300 seats in the Athens parliament and has so far managed to secure a substantial majority in votes for austerity measures demanded by creditors as a precondition for starting bailout talks.
The former Greek finance minister Yanis Varoufakis, the Texas University professor James Galbraith and Martin Guzman, a specialist in sovereign bankruptcy at Columbia University, are among the signatories to a letter in the Guardian calling for rules that would also have prevented Brussels from forcing Athens to accept harsh austerity without offering substantial debt relief.
Years of austerity, unemployment peaking at 15%, substantial wage cuts, large protests.
For all the talk of austerity, Britain still has a substantial deficit of 4.5% of GDP (worse than France, a country British people are fond of lecturing).
Jose Manuel Barroso, president of the European Commission, who sought to increase the incentive for Greek politicians to embrace a strict austerity plan in exchange for a substantial bailout from the European Union.
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