Without the Euro, the greek central bank could have increased inflation and downvalued the Drachma, so the government could spend, spend, spend. This was the Modus Operandi before the Euro.

I don't say, that this is a responsible way of managing a countrys finances, but if the alternative is increasing infant mortality and extreme unemployment for almost a decade, I can't see whats so bad about that.

Greece infant mortality has been decreasing since 2004 [1] [2]

[1] https://knoema.com/atlas/Greece/topics/Demographics/Mortalit... [2] https://www.statista.com/statistics/806917/infant-mortality-...

There were studies published showing acute increases in infant mortality during the last few years.

I haven't read through them myself, only second hand reports of the findings.

I certainly agree with the MO of inflation in Greece pre euro. I'm not sure about the real unemployment situation, but I only know about a few islands, not the mainland. There a lot of people work cash in hand in the tourist trade, they are technically unemployed (and their businesses pay very little in taxation as most of the money isn't declared)

Greece should never have been allowed into the euro in the first place. The EU is essential for Greeks, many of whom have gone to other parts of the EU to work, just like Americans left Detroit after 2008.

> the greek central bank could have increased inflation and downvalued the Drachma

This only works for so long. There is a reason the Venezuelan and Argentinian model predictably hits the rocks after a few decades.

In Venezuela's case it has more to do with the price of oil

And Nationalizing oil infrastructure and then failing to operate and maintain it properly.

"Without the Euro, the greek central bank could have increased inflation and downvalued the Drachma, so the government could spend, spend, spend. "

Would that work for Greece, or would it just become hyperinflation?

Luckily we have some data about that.

Was Greece growing more or less in average before the Euro?

Did they suffer hyperinflation before the Euro?

Is the current Greek economy healthy with the Euro constraints? Has it improved with the "austerity" imposed?

It seemed to work for many years before the Euro

And what are your thoughts regarding Spain and Italy?

Italy's problems are a bit similar to Greece's but their economy is just a lot stronger. In Spain it was clearly the inflated housing market that caused the problems.

Italy is like two countries - the North has a strong economy, the South seems to have mainly agriculture, unemployment and mafia. Think of any famous Italian brand (or look at any Italian machinery), it's probably from north of Rome.