Good heavens John. Have you only just realised what happens when "Yes, we can" meets the real world? Still President Obama must be grateful he's earned the wrath of the glittering Pilgerati, it increases his chance of re-election.

I might add it's an interesting moral stance to argue that Greece should be able to borrow heavily to pay its citizens various welfare 'entilements', than refuse to pay its debts when repayment falls due. No matter what the Greeks do now, a long period of economic pain awaits them and most of it results from their own willingness to buy on the 'never never' without any hope of repaying their debts. It's time the Greek nation grew up.

Senior Victorian,

Don't you know that "to buy on the 'never never' is the cornerstone of Western capitalist/consumer society.

Just look at the U.S., for example: U.S. government debt is well on its way to 16 trillion just six months after topping 15 trillion. Total debt is up from 54 trillion to 57 trillion in the same time frame. Gross debt to GDP ratio is 103.7%.

Greece might be the first to fall - it won't be the last.

It's time we all grew up.

Poirot.You really don't understand.The banking system owns you by way of creating from nothing, the money to equal your productivity + inflation.

Greece should stand up and refuse austerity as did Iceland.We shuold tell our RBA to start financing our banks so our taxes can be reduced.Why borrow from the IMF or US Fed when they just create it with a click of a computer mouse? What is wrong with the RBA's computers?