"If a tiny country like Greece can stand up to the lenders and achieve even a small haircut of the debt, the message to the Spanish, Portuguese and Italians will be that they too can stand up at some point. The theory of austerity was a kind of black magic. It was the idea that if you bleed a person, like they did with leeches in the Middle Ages, then they will get better. But the patient is bleeding to death."

University professor Costas Douzinas warning that if Greece manages to secure a debt haircut, this will send a message to other European nations affected by austerity.

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