And still you insist on the oxymoronic "good debt" which is good only to the creditor not the forkin debtor.
A society without any availability of debt can, at best, be described as 'feudal'
Did you have the full cash payment up front to buy your first (or current) home?... Car?.... Education (yours or kids)... etc, etc
The Greek debt incured by Greece and its deal with Goldman Sachs was two thirds consumed by that nations Oligarcs the stae never saw it. This is the lever being used by the new Greek government to dump the Euro which they will do in eighteen days followed by four other disgruntled EU partners in stupid odious EU debt.
Greece has talked about going back to the drachma for some time and quite honestly, that action probably makes the most sense for them.
Problem here is that their community (in the form they wish to have it) will rely on international trade and foreign investment (direct or indirect)... The decision they make today to honor (or not) their debt will have massive implications for the next few generations.
By not living up to their agreements, all I can see for Greece is decades of self-inflicted hardships, extremely limited social services, high unemployment and a crashed economy.
At that point, all they will have to sell is their highly undervalued hard assets (read: land) that will be purchased with drachmas that are worth pennies on the dollar.
Not a happy future, but they are certainly welcome to chose that path themselves.
The necessities of life are provided by the hands on the ends of your arms, labour builds all wealth and that is and has been a natural fact since day one. Cash will get you nothing unless first it is converted to labour. Yours or someone elses cash keeps tally on your real or potential labour, the paper is worthless otherwise. Soon an American ten spot won't get you a potatoe.
Cash is simply a material representation of that labor... Not everyone can construct a home or grow/harvest wheat, as such, the trading medium is cash.
For those that don't have the trade value in cash (or bushels of wheat) to secure a home or land, debt is the only option.
Used wisely, it is an investment in yourself... Used poorly, it becomes the demanding mistress you have painted the picture of.