Greek economy implodes further (Q2)

[Politico]

Well, that's austerity for you.

It has nothing to do with austerity, and everything to do with the musical chairs stopping in the debt/fraudulent government accounting game.

[Politico]

Their national government cooked their books so well for so long that they put Enron to shame. Throw in high taxes that almost everybody evaded and continues to evade like Leona Helmsley, and what did you think would eventually happen?

Austerity is not the catch-all phrase for what is happening in Greece and why. An actual description of what happened and why they are feeling the pain right now would be "unaccountability in a government run by crooks who conducted reckless government spending/borrowing and fraudulent accounting for far too long."