Tough times ahead
It is the right way to do it, however the debt in some instances is unmanageable. Perhaps the central funds could be used to clear debts rather than adding to them.
As for the people we are all the unfortunate losers in this situation. Is there any other way out of this but to cut spending to within sustainable limits? It is a galling proposition especially when considering the political / financial leaders at the time of the crash come out smelling of roses.
What are the alternatives?