The Economist has an article comparing the post-insolvency experiences of Greece and Latvia.
Among many other points, the article notes that Latvia chose not to depreciate its currency peg to the Euro, but rather opted to decrease wages and public spending – i.e. austerity. Greece, on the other hand, is facing large public and political fallout because of its proposed austerity plans.
It’s worth quoting the conclusion:
[Even though Latvia is growing its relationship with Russia and support for the EU is very low], Latvia looks good when compared with Greece. It did not lie about its public finances or use accounting tricks. Strikes have been scanty. Protests are fought in the courts, not the streets. Both Greece and Latvia have had hard knocks, but Greeks became used to a good life that they are loth to give up. Latvians remain glad just to be on the map.