Tax and Spend

Greece has defaulted on its loans with no obvious ramifications.

"The European Commission is asking for further reforms to Greece's economy, including tax increases and cuts in civil servants' salaries and pensions, before the next €7.2bn (£5.2bn) tranche of bailout money will be released.
But Greece has robustly rejected these proposals without some form of debt restructuring agreement in return.
Earlier this week, Greece said it would delay making a €300m loan repayment to the International Monetary Fund, instead rolling up four scheduled payments into one €1.6bn payment to be made at the end of June."

So one plan is detrimental, the other is kicking the can further down the road. The press pretends non-payment isn't a default.

"BBC economics editor Robert Peston said this move meant that "the risk of Greece defaulting on its debts - and leaving the euro - has substantially increased.""

It's amazing there have been no consequences for default so far.