So if you are low skilled worker (and took unpayable credit during "fat years" for bonus points ) then your life could be really hard now.
But if you did not take any bad credits (or took credits and invested them in a good non-bubble business) and/or you are educated/skilled specialist in your field you can live quite well - maybe not as good as in the Western EU...
I mainly speak out of my experience in IT field - no one of programmers I know is unemployed.