This Greek thing seems to be all the rage on some blogs I could mention, but I struggle to get excited by it. According to the Grauniad website today, The IMF views a debt-to-GDP ratio above 120% as unsustainable. Here, for some context, are some recent data for a couple of countries:
I won't be offering prizes for guessing the identities of Countries A and B. One of them has a collapsing population (1 million down in the past 5y, will be dropping at a rate of 1m per year by 2030), a flatlining economy, and a skyrocketing worker-to-dependent ratio that will exceed unity by the middle of the century (and keep on getting worse). The other is Greece.