QuoteOriginally posted by: traderjoe1976Well, you see, the common person in the street is patriotic and does not understand what will happen to the Drachma when default occurs. The European countries have already offered a good deal by cutting the outstanding debt in half provided Greece undertakes financial reforms. I think that it is unreasonable to ask the European countries to cancel the debt completely so that Greece does not have to undertake any financial reforms and then run up the debt again in order to maintain their social welfare system. Even if they cancel debt completely, Greece will again face the same default scenario in 7-8 years after it has run up the debt again without undertaking any financial reforms.I understand from the above that you have little grasp of the situation. First, when you have a deal where the lender accepts to get paid back half his principal and its called haircut, and not default, then the hairdresser must have some sort of magic in his hands. The initiative for referendum (which has been canceled as I ve just got informed ) sprung for internal reasons solely or almost solely. ALL the opposition parties claim that the current government lacks people's mandate and altogether ask for elections trying to capitalize on government's lack of popularity. If elections take place tomorrow, no single party will have the majority in the parliament, end result chaos. A referendum was the best option to calm opposition, protests, strikes, riots, even internal opposition within the government party. I am surprised about the mess the word referendum caused, though I understand that through some chain effect the random sheepherd has the power to determine if the eurozone will collapse or not. BUT, the motto "we belong to the west" has been pivotal the last 200 years or more, if it was not today I would have been an Ottoman. People here, of 30something or older, have memories of drachma times, high inflation, devaluations, kissing a banker's ass to get a loan at 30% rate etc. Habit formations shaped during these times, still persist today, the non government debt is ridiculusly low compared to levels in other countries. Many people still acquire their homes or cars with 100% equity funds. Plus, polls show that 80% of people want to have euro, and all parties currently in parliament with the exception of communist party (<10% of the electorate) consider euro as a strategic choice for the nation.A return to drachma will only be beneficial for the oligarchy, they ll become richer overnight simply because they moved their euros in foreign banks. After that, they shall keep on tax evading as usual, swaping favours with government, banks and media, at the expense of the majority. This ruling class must be flanked and restricted, if not eliminated, not being helped to grow stronger than ever. This can only take place within eurozone. Consequently, if the referendum had been phrased properly like euro with some austerity, or default, devaluation, drachma and poverty, then obviously euro will win without question. After than none will have the right to complain, strike or protest. Some sort of social peace hopefully is secured, no war from the media, the bankers that will lose control their banks due to dilution, not even from the opposition within the party, for the next two years when there will be next foreseen elections. Simply, too many benefits for setting up a pseudo-dillema...Last, but not least, I am bit surprised about your comment about the greek welfare system. I wonder, have you studied it and compared with other countries systems or you just parroting the media nonsense and aphorisms?Having lived, studied and worked in few other EU countries I can confirm the only common among their systems and ours is just the name. In other EU countries, even in the neoliberal UK, being a mom (single or not) is a normal job, without redudancy risk. Here the only benefit is a tax credit of ~200 euros per year per child for the average household. Growing a child requires much more of course. Being a single mom, its just bad luck, a one way ticket to pole dancing... While in other countries, being unemployed is not that terrible after all, people can live for years on benefits, here being unemployed essentially means you are f*cked. The benefit is 450 euros for 12 months and zero afterwards. This amount just ensures that the unemployed wont become homeless for the next 12 months. Beneficiaries are only those who had a job over the last two years, essentially excluding new entrants in the job market and people who have seasonal or temporary jobs. The list can be long.