Here are some charts which look at money supply in narrow M0 and broad M3 measures since the introduction of the Euro in 2002.
What will be apparent is that narrow measures of money remain in step across the EURO area including Greece .Where there is a huge problem is in the broader measure which sees money supply in Greece falling off a cliff and in Germany M3 growth outstripping the euro area on average. You can make your own charts here at trading Economics.
Why this is important and the basis of my assertion that austerity is akin to asking Greece( or anywhere else under this banking model) to make bricks without straw. Where money is absent in the economy in sufficient quantity in its different forms exchange becomes a problem. As we rely on Bank credit to supply 97% of our money as debt if they do not do it there is a problem. Some would call banks refusing to lend market discipline others would call it an undemocratic determination of policy according to one narrow agenda revolving around private profit , the Agenda we are presently obliged to follow is that of the Banks Politicians and government are subservient to Bankers when it comes to creating the money and this flows into other areas of public policy.
Essentially this is the debate at the heart of the Positive money campaign and historically falls under the banner of Honest Money or social credit. In the interests of keeping this brief I will not go into the arguments but a good place to start is this video by Positive money and then head over to their web site if your interest is piqued.
Greek Debt is unsustainable under the EURO arrangements the problem runs deeper than that on a wider European level and also a world level to paraphrase Bill Clinton, ´´Its the money creation system stupid´´