The New CS Board

[jumanji0881]

Without growth all of Europe is going down
Austerity is only making thinks worse. There is no easy way out. And it's not just Greece that will default unless the ECB prints like crazy (making the Euro worthless) or there is a miraculous economic recovery (not going to happen). One thing is for sure, European sovereign debt becomes less desirable (ie rates rise) in the event of a Greek default and that puts more pressure on the remaining PIIGS.