During 2010, Greece came under intense economic pressure as a result of its rising budget deficits and sizeable debt. In 2009, Greece's deficit exceeded 13% of GDP, and its debt level exceeded 125% of GDP. There was fear that Greece might default on its debts and could be the first nation to leave the EMU. Is it correct to say that deficits and debts as large as Greece's do irreparable damage to the nation and its future generations? Explain the costs and, if there are any, benefits of Greece's deficits and debts.